Oil & Tanker Trades Outlook

Clarkson Research Services Oil & Tanker Trades Outlook Volume 2, No. 2 February-215 ISSN: 1363-9617 Average Tanker Earnings Index 4, 35, $'/day Tanker Supply and Demand (215f) Crude Tanker Dwt Demand Growth 2.2% Crude Tanker Fleet Growth 1.2% Product Tanker Dwt Demand Growth 4.% Product Tanker Fleet Growth 5.8% 3, 25, 2, 15, 1, 5, Jan 9 Jan 1 Jan 11 CONTENTS Industry News p2 Market Outlook p3 VLCC Market p4-5 Suezmax Market p6-7 Aframax Market p8-9 Panamax Market p1-11 Seaborne Crude Imports p12 Seaborne Crude Exports p13 Crude Oil Transport Costs p14 Tanker Fleet & Orderbook pi-viii Financial & Economic Indicators p15 Sale & Purchase Market p16 Timecharter Market p17 Global Oil Supply p18 Refinery Capacity p19 Global Oil Demand p2 Oil Products Demand p21 Seaborne Products Imports p22 Seaborne Products Exports p23 Product Tanker Market p24-25 Tanker Safety & Oil Spills p26 Safety & Incident News p27 Tanker Outlook p28 Clarkson Research Services Limited (CRSL) is respected worldwide as the most authoritative provider of intelligence for global shipping. CRSL is part of the Clarksons group, the world's largest shipbroking and integrated shipping services provider. For more detail about the Clarksons group visit www.clarksons.com. Jan 12 Jan 13 Jan 14 Jan 15 Los Angeles Tanker Market Indicators (Jan-15) VLCC Newbuild Price MR Newbuild Price Fujairah Jamnagar Bombay Singapore Jakarta Ningbo Seria Selection of major tanker ports Houston Kozmino Ulsan Philadelphia Kaohsiung Huizhou LOOP Quintero New York St Eustatius Curacao Bonaire Puerto La Cruz $96.5m $36.5m Chiba Sydney San Lorenzo Rio De Janeiro 1 Mongstad Sullom Voe Rotterdam Antwerp Fos Trieste Skikda Lome Bonny Offshore Augusta Primorsk Novorossiysk Agioi Theodoroi Sidi Kerir Mina Al Ahmadi Ras Tanura Ain Sukhna Yanbu Jamnagar Fujairah Jeddah Bombay Cap Limbe Dar Es Salaam VLCC Average 1 year TC MR Average 1 year TC Los Angeles Houston Philadelphia LOOP Singapore Jakarta Seria Selection of major tanker ports $46,6/day $15,25/day New York St Eustatius Curacao Bonaire Puerto La Cruz Quintero San Lorenzo Rio De Janeiro

Industry News In January, the price of Brent crude continued the trend of recent months, declining 23% m-o-m to an average of $49.1/bbl. However, in February, prices have recovered slightly, averaging just below $6/bbl. The marginal recovery in crude prices has thought to be have been partially driven by reports of large numbers of US drilling rigs being idled, suggesting US tight oil production growth may slow in the near future. Total oil demand is projected to increase 1.% y-o-y in 215, to stand at 92.8m bpd. In the US, the world s largest oil consumer, oil demand is expected to rise 1% y-o-y to 19.2m bpd. The low oil price, coupled with relatively robust economic growth, is expected to partially support this increase. However, the general OECD oil demand picture remains negative in 215, with a shaky economic recovery and increased energy efficiency in Europe and Japan continuing to depress oil demand. OECD Oil Demand 21-215(f) 55 5 45 4 35 3 m bpd Source: CRSL 21 23 215f In spite of the recent decline in crude prices, global oil supply is projected to rise 1.7% y-o-y to 93.7m bpd in 215. Total Middle Eastern oil production is expected to increase 1% y-o-y to 28.m bpd, driven largely by increased output in Iraq and U.A.E. In U.A.E. oil production growth of around 5% is projected, largely supported by the ramp-up in production of the Umm-al Lulu field, which started in production in October 214. Meanwhile, Iraqi production growth is also expected to reach around 5%, driven by a ramp-up in production at several fields which came online in 214. In January, the Iraqi oil minister announced that Iraqi crude production reached a record 4m bpd in December, and indicated that the increase would help the country to compensate for the recent fall in oil prices. The Iraqi government expects to boost crude exports significantly in 215, partly supported by increased volumes from Kurdistan. Despite this aim, volumes exported from Iraq in January reportedly dropped by 14% m-o-m, with the decrease largely attributed to bad weather around the country s southern oil terminals during the month. Towards the start of February, seven refineries and two chemical plants in the US were affected by union strikes. Approximately 1% of US refinery capacity was initially affected by the largest union action in the sector since 198. Talks between the United Steelworkers Union and the refiners have been ongoing, although no resolution has yet been reached. By late February, the strikes had spread to around 15 petrochemical facilities, 12 of which are refineries which together account for around 2% of US refinery capacity. Many refiners have reportedly brought in non-union labour to enable the plants to continue operating, limiting the effect on overall production levels so far. Meanwhile, in February, the US Congress voted in favour of the construction of the Keystone XL pipeline. The proposed pipeline will have a capacity of.8m bpd, allowing crude oil from the tar sands producing region of Alberta to be transported to the US Gulf. However, President Obama has stated he will veto the bill, partly due to environmental concerns. It was announced in February that Chinese crude imports averaged 6.6m bpd in January 215. This equates to approximately 5.9m bpd of crude transported via sea during the month, compared to 5.6m bpd in full year 214. In 215, Chinese seaborne crude imports are projected to rise 7% y-o-y to stand at 6.1m bpd. Chinese Seaborne Crude Imports -15(f) 8 m bpd 6 4 2 Source: CRSL Oil Price Trends & Forecast Average Price, $/bbl Jan-14 Jan-15 Brent Blend 18.3 49.1 Short-Term 215 216 EIA 57.6 75. Average F'cast* 53.7 63.8 Long-Term OPEC 1 235 IEA Current Pol. 155 24 IEA New Pol. 132 24 IEA 45 1 24 EIA Ref. Case 141 24 EIA Low 75 24 EIA High 24 24 * Average level of forecasts reported in January 215. Clarkson Research Services Page 2 Feb-15 215f In February, it was announced that liquidators of Dynamic Oil Trading (DOT), owned by the bankrupt OW Bunker, are seeking to recover an estimated $329m in debt owed to the company. One of the most notable debts is that owed by Tankoil, who reportedly received $124m in credit from DOT. Overall, the company is owed an estimated $198m by more than 1 unsecured creditors. This follows news that liquidators had struck a deal to facilitate payment of bills owed by OW Bunker, mainly to creditors. Losses at DOT sparked the OW group to file for bankruptcy last year. In January there were several reported instances of owners switching bulkcarrier newbuilding orders for tanker orders. For example, Sincere Navigation switched an order for two Capesizes for one 319, dwt VLCC at Shanghai Waigaoqiao for delivery in 217. In the products tanker sector, Scorpio reportedly converted an order for two Capesizes to two 114,9 dwt LR2s at Daehan Shipbuilding, with delivery scheduled for early 216. A number of other similar discussions are reportedly underway, although yards are unlikely to accept such changes if construction or material procurement has already begun. 1.4 1.2 1..8.6.4.2. MR Deliveries Q1 -Q4 214 m dwt Source: CRSL Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 In January, there were a total of 19 product tankers reportedly delivered, including 9 MRs of 45,-59,999 dwt. Scorpio took delivery of two MRs of 5,133 dwt and 5,145 dwt as well as a further two 38,734 dwt product carriers. Meanwhile, in the crude sector, four Suezmaxes between 152, dwt and 159,5 dwt were delivered during the month, including one shuttle tanker owned by Knutsen NYK.

Market Outlook Supply-Demand Dynamics: Crude Tankers 12% 1% 8% 6% 4% 2% % -2% -4% -6% Supply-Demand Dynamics: Product Tankers Crude Tanker Million Dwt The Tanker Market Outlook Demand 214 215 % Change VLCC 153.8 165.4 161.3 165.1 17.1 FIRM... 3.% Suezmax 49. 52.6 55. 55.5 58. FIRM... 4.5% Aframax 6.8 59.2 54.2 52.3 51.2 STEADY... -2.1% Panamax 6.5 6.4 4.4 2.7 2.3 WEAKER -14% TOTAL 27.1 283.8 275.4 276.5 282.6 STEADY... 2.2% % Change y-o-y 1.1% 5.1% -3.%.4% 2.2% Demand derived from crude and DPP trade. Total includes Handysize dwt demand. Product Tanker Million Dwt Demand 214 215 % Change 8-119,999 Dwt (LR2) 2.3 21. 21.9 22.5 23.5 FIRM... 4.5% 6-79,999 Dwt (LR1) 17.4 16.7 17.4 17.6 18.4 FIRM... 4.6% 1-59,999 Dwt 64.7 66.5 67.7 69.2 71.7 FIRM... 3.6% TOTAL 12.5 14.2 17.1 19.2 113.6 FIRM... 4.% % Change y-o-y 2.5% 1.7% 2.8% 2.% 4.% Includes demand derived from DPP, CPP and veg oil trade. Crude Fleet Million Dwt Growth 214 215 % Change VLCC 175.4 186. 184.9 191.2 195.1 STEADY... 2.% Suezmax 62.5 67.9 68.4 68.7 69.5 STEADY... 1.1% Aframax 67.8 68.8 67. 65.5 65. STEADY... -.8% Panamax 6.4 6.3 6. 5.6 5.5 STEADY... -1.7% TOTAL 312.1 328.9 326.3 331.1 335.1 STEADY... 1.2% % Change y-o-y -.2% 5.4% -.8% 1.5% 1.2% Product Fleet Million Dwt Growth 214 215 % Change 8-119,999 Dwt (LR2) 26. 26.5 26.9 27.9 31. FIRMER... 11.1% 6-79,999 Dwt (LR1) 22.7 23.1 23.6 23.8 23.9 STEADY....3% 1-59,999 Dwt 72.5 73.8 76.1 79.9 84.4 FIRM... 5.7% TOTAL 121.2 123.4 126.7 131.6 139.3 FIRM... 5.8% % Change y-o-y 3.8% 1.9% 2.6% 3.9% 5.8% Tanker 26 Demand Growth Supply Growth 28 21 Supply/Demand Outlook Million Dwt Balance 214 215 Total Demand 1% 4% -1% 1% 3% STEADY... 214e 215f 14% 12% 1% -2% -4% -6% Following a surge in interest in chartering VLCC tonnage to store crude oil in January, activity abated during February, partly reflecting higher timecharter rates. While earnings in the crude tanker spot markets have eased slightly over recent weeks, they remain at relatively elevated levels, with recent limited supply growth contributing to the tighter market environment. Overall, crude tanker fleet growth is expected to remain relatively slow in 215, at just 1.2%, with VLCC fleet growth projected to reach 2.%. However, crude tanker deliveries are expected to accelerate notably in 216. This is expected to lead to a faster pace of fleet expansion next year, of around 6% in the VLCC sector and 4% in the Suezmax sector. In the short-term, deadweight demand in the crude tanker sector is expected to increase moderately, with an increase of around 2% projected in 215. This pace of growth would represent the fastest expansion in three years, supported by strong Chinese and Indian crude import demand. In 215, product tanker deadweight demand is expected to increase by around 4%, the fastest pace of growth in several years, with growth partly supported by increased long-haul shipments in the larger vessel sectors. Products trade growth is also expected to be driven by rising imports into developing regions, particularly Latin America and Africa. Although overall demand growth is expected to improve compared to 214, supply pressures remain present. Overall product tanker fleet growth is accelerating, and is projected to reach 5.8% in 215, faster than projected growth in demand. This could lead to continued pressure on the sector, with expansion of 11% expected in the LR2 fleet, and 6% in the 1-59,999 dwt sector. Total Supply 1% 4% % 2% 3% STEADY... Note: Demand basis full year, fleet development basis end year. Product fleet definition as detailed on page 27. Clarkson Research Services Page 3 Feb-15 8% 6% 4% 2% % 26 28 21 Demand Growth Supply Growth 214e 215f

VLCC Market Trends VLCC Market 7 65 6 55 5 45 4 35 3 25 2 15 1 5 Commentary VLCC Spot Average WS Average WS VLCC Market Rates 214 215^ Aug Sep Oct Nov Dec Jan This Month 28K Gulf - Europe 25 3 38 29 22 26 32 35 38 FIRMER... 11% 27K Gulf - India 47 58 13 57 47 56 69 87 13 FIRMER... 18% 265K Gulf - East 41 47 65 48 38 46 56 65 65 STEADY... % 26K WAF - India^ 3.48 3.94 4.92 4.5 3.4 4.25 4.94 5.3 4.92 SOFTER... -7% 26K WAF - US Gulf 44 57 73 54 51 55 7 68 73 FIRM... 7% 26K WAF - East 41 5 66 51 45 52 57 65 66 STEADY... 2% 27K UKC - US Gulf 45 58 68 55 52 51 59 66 68 STEADY... 2% ^ Lump sum in million dollars VLCC US$,/day Jan-13 Mar-13 May-13 VLCC Market Earnings* 214 215^ Aug Sep Oct Nov Dec Jan This Month Average Spot Earnings 16,217 27,315 65,579 24,835 14,974 28,634 46,216 6,821 65,579 FIRM... 8% Spot Earnings Index 42 7 168 64 38 73 118 156 168 FIRM... 8% 1 Year T/C Rate (Modern)" 19,837 28,115 46,6 28,8 3, 31,1 32,125 36,5 46,6 FIRMER... 28% 3 Year T/C Rate (Modern)" 23,44 3,183 41,1 33, 34, 34, 34, 34,625 41,1 FIRMER... 19% VLCC Spot Jul-13 Sep-13 Nov-13 Jan-14 VLCC Average Spot Earnings (LHS) Mar-14 No. of Spot Fixtures (RHS) May-14 Jul-14 Sep-14 Average $/day No of Fixtures, Avg. Nov-14 Jan-15 24 22 2 18 16 14 12 1 8 6 4 2 January VLCC average spot earnings increased by 8% m-o-m to $65,579/day. This represents the highest monthly average since October 28 and is over twice the annual average for 214, which stood at $27,315/day. Meanwhile, the average one year timecharter rate rose 28% m-o-m to $46,6/day, on the back of high levels of enquiry, especially regarding fixing tankers for oil storage, so as to take advantage of the contango in crude prices. Towards the start of January there was a relatively high level of activity in the MEG and as a consequence rates on several routes ex-meg were relatively firm. For example, the rate on the Gulf-India route averaged WS 13 during January. However, towards the end of the month, charterers managed to place downward pressure on rates as activity declined somewhat. Meanwhile, the West African market was generally subdued throughout January, creating difficult conditions for owners. The January average lumpsum rate on the WAF-India route decreased 7% m-o-m to $4.92m, as a result of weak market conditions. Meanwhile, the monthly average rate on the WAF-East route stood at WS 66. At the start of February it was expected that the number of unfixed VLCCs entering the MEG, WAF and the North Sea during the month would decrease slightly. Average $/day No of Fixtures VLCC Spot Demand Demand** 214 215^ Aug Sep Oct Nov Dec Jan This Month Ex - Arabian Gulf 125 11 121 16 14 121 9 96 121 FIRMER... 26% Ex - UK/Cont 1 3 6 4 5 5 2 5 6 FIRMER... 2% Ex - West Africa 23 26 27 3 27 25 29 28 27 SOFTER... -4% Others 17 19 21 18 12 3 17 15 21 FIRMER... 4% Total Nos. 166 158 175 158 148 181 138 144 175 FIRMER... 22% Total m. dwt 46.1 46.2 5.2 47.1 43.8 52.9 39.3 42.6 5.2 FIRMER... 18% VLCC Spot No of Vessels, Avg. VLCC Spot Outlook Supply ~ 214 215^ Aug Sep Oct Nov Dec Jan Feb Trend Arabian Gulf 96 19 12 13 121 118 112 126 121 118 West Africa 22 56 61 63 68 78 39 64 64 57 North Sea 17 19 18 18 19 29 2 15 19 16 ^ Year to date. * Average Earnings are calculated as described in 'SIW Sources and Methods', which can be found on SIN 21. ** Spot demand is the average number of fixtures per month. ~ Spot supply covers the number of unfixed vessels entering the load zone per month. "Timecharter rates basis estimated owners' rates. Clarkson Research Services Page 4 No of Vessels, start TIGHTER... TIGHTER... TIGHTER... Feb-15

VLCC Market Trends VLCC Balance 214 215 % M. Bpd / M. Dwt Forecast Demand AG-Japan, China, Korea 7.7 7.5 7.7 7.8 7.9 1% AG-Other Asia/Pacific" 3.1 3.5 3.4 3.4 3.4 2% AG-N.America 1.8 2.1 2. 1.9 1.9 % WAF-Far East/India 1.4 1.6 1.5 1.7 1.8 9% Caribs-China/India.8 1. 1.2 1.3 1.4 1% WAF-N America.4.6.7.7.8 9% Other 1.7 1.3.6.6.6 4% Total, m bpd # 16.8 17.6 17.1 17.4 17.9 3% Total, m dwt ~ # 153.8 165.4 161.3 165.1 17.1 3% % growth 5.% 7.5% -2.5% 2.4% 3.% ~Derived from crude trade above and DPP trade. "South East Asia + India. Supply* 2,-254,999 dwt #.2... 255,-319,999 dwt # 165.4 175.7 176.1 177.6 32, dwt & above # 9.9 11.5 14. 16.9 Total # 175.5 187.2 19.2 194.5 198.4 2% Combos in Oil # 2.2 2.6 1.3 1.6 1.6 % Laid-up # 1.1 1.5 4.2 2.7 2.7 % Long-term Storage # 1.2 2.3 2.3 2.2 2.2 % Active Fleet # 175.4 186. 184.9 191.2 195.1 2% % growth 2.1% 6.% -.6% 3.4% 2.% Balance Demand Growth 5% 8% -2% 2% 3% Supply Growth 2% 6% -1% 3% 2% Balance 3% 1% -2% -1% 1% Following a 2.4% y-o-y increase in 214, VLCC deadweight demand is projected to rise by around 3.% y-o-y in 215. This is partially supported by projected VLCC crude trade on the WAF-Far East/India routes rising by 9% to 1.8m bpd. Both China and India have strengthened trade relations with exporters in the region at a time when total WAF-US crude trade is diminishing. Meanwhile, crude VLCC trade on the Caribs-China/India routes is expected to increase 1% y-o-y to 1.4m bpd in 215. China has invested relatively heavily in the region through so-called loan for oil deals, which are expected to support overall Caribs-China crude trade. Meanwhile, Indian companies have developed closer ties with several producers, signing long-term export deals. This trend is expected to support VLCC crude trade on the relatively long-haul Caribs- India route rising 9% y-o-y in 215. At the end of January 214, the VLCC fleet stood at 635 vessels of a combined 195.2m dwt. The active VLCC fleet is projected to increase by around 2% during 215, with deliveries expected to total around 5.2m dwt, which would represent the lowest level in 17 years. However, following greater contracting levels in and 214, VLCC deliveries are projected to pick up significantly in 216 to 13.7m dwt. This is expected to lead to VLCC fleet growth accelerating in 216 to around 6% in terms of capacity, which would represent the fastest pace of expansion since. VLCC S&P Number & Value Number & Value 3 Month Oct Trend Market 214 215^ Aug Sep Nov Dec Jan Newbuild Prices 32k newbuild ($m) 95.7 9.8 98.5 96.5 98. 98. 98. 97. 97. 96.5 WEAK... -1% No. of Contracts Placed 21 47 35 2 6 2 1 2 WEAKER!! -17% Est. Investment Value ($bn) 2. 4.5 3.2.2..6..2.1.2 WEAKER!! -18% Secondhand Prices 31k 5yo ($m) 62.4 56.2 74.1 81. 74. 74. 77. 77. 77. 81. FIRM... 4% 3k 1yo ($m) 39.2 36.2 49.2 54. 48. 48. 52. 52. 52. 54. FIRMER... 7% 265k 15yo ($m) 27.6 23.5 28.3 32. 28. 28. 29. 29. 29. 32. FIRMER... 6% No. of Sales 2 34 8 2 2 9 18 2 1 2 WEAKER!!... -83% 5 Year Old/NB Price Ratio 65% 62% 75% 84% 76% 76% 79% 79% 79% 84% FIRMER... 6% Demolition $/ldt 434 423 468 42 49 49 485 47 45 42 WEAKER... -9% No. Scrapped 1 17 9 1 WEAKER!!... -1% Est. Scrap Value ($m) 161.2 266.7 156.5... 18.... WEAKER!!... -1% Fleet M. Dwt M. Dwt, month end Forecast* Profile 214 215^ Aug Sep Oct Nov Dec Jan 215 216 Fleet Total 187.2 19.2 194.5 195.2 192.6 192.3 192.3 194.2 194.5 195.2 198.4 21.7 Deliveries 15.3 9.5 7.6.3.6..3 1.9.3.3 5.2 13.7 Scrapping 2.7 5. 2.7....3... 1.6 1.4 Contracting 6.5 14.7 1.9.6. 1.9..6.3.6 Orderbook 26.8 27. 28.6 29. 29.3 3.9 3.5 28.6 28.6 29. *End of year figure. ^Year to date. Fleet totals in metric tonnes, net of est. conversions and misc. changes, accounting for historical and expected delivery performance. Clarkson Research Services Page 5 Feb-15

Suezmax Market Trends Suezmax Market 6 55 5 45 4 35 3 25 2 15 1 5 US$,/day Jan-13 Suezmax Average Spot Earnings (LHS) No of Spot Fixtures (RHS) Mar-13 May-13 Jul-13 Commentary Suezmax Spot Average WS Average WS Suezmax Market Rates 214 215^ Aug Sep Oct Nov Dec Jan This Month 13K WAF - USAC 59 75 93 7 59 77 99 87 93 FIRM... 6% 13K WAF - Med 61 76 94 7 59 77 99 88 94 FIRM... 7% 13K Med - Med 65 81 1 74 64 79 14 92 1 FIRMER... 9% 14K Black Sea - Med 64 81 12 72 63 8 14 99 12 STEADY... 3% 135K UKC - UKC 77 11 117 95 78 13 125 114 117 STEADY... 3% 13K Caribs - US Gulf 67 86 19 75 68 89 16 94 19 FIRMER... 16% 13K Gulf - Med. 36 43 19 4 34 46 54 51 51 STEADY... 1% Suezmax Average $/day Average $/day Suezmax Market Earnings* 214 215^ Aug Sep Oct Nov Dec Jan This Month Average Spot Earnings 15,511 27,791 52,928 21,652 14,879 29,89 5,48 45,354 52,928 FIRMER... 17% 1 Year T/C Rate (Modern)" 16,14 22,712 32, 23,8 24,25 24,9 28,25 32, 32, STEADY... % 3 Year T/C Rate (Modern)" 18,96 24,413 3, 25,6 26, 26,8 29,5 3, 3, STEADY... % Suezmax Spot Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 No of Fixtures, Avg. Jan-15 28 26 24 22 2 18 16 14 12 1 8 6 4 2 Suezmax average spot earnings increased 17% m-o-m to stand at $52,928/day in January, almost double the 214 annual average. Meanwhile, the monthly average one and three year Suezmax timecharter rates remained steady m-o-m at $32,/day and $3,/day respectively. These represent the highest monthly averages since August 21. In West Africa, January was generally an active month, although rates did not surge on the back of this. However, firm levels of VLCC timecharter activity did lend some support to the Suezmax market in the region towards the end of the month. The monthly average rate on the WAF-Med route stood at WS 94 in January whilst the rate on the WAF-USAC route stood at WS 93. In the European market, enquiry was generally more subdued than in WAF. However, towards the end of the month, high levels of enquiry in the Aframax market helped to support Suezmax rates in the Med, although this momentum could not be sustained. As a result, the monthly average rate on the cross-med route stood at WS 1 whilst the rate on the Black Sea-Med route averaged WS 12. At the start of February it was expected that the number of unfixed Suezmaxes entering WAF, the Mediterranean and the North Sea during the month would decrease. No of Fixtures Suezmax Spot Demand Demand** 214 215^ Aug Sep Oct Nov Dec Jan This Month Ex-West Africa 65 73 78 58 75 77 62 77 78 STEADY... 1% Ex-Mediterranean 26 23 29 24 23 24 25 27 29 FIRM... 7% Ex-North Sea 7 5 1 8 3 2 3 4 1 WEAKER!! -75% Ex-Black Sea 16 2 24 16 18 24 22 26 24 SOFTER... -8% Others 77 93 119 8 19 78 81 11 119 FIRMER... 8% Total Nos. 191 213 251 186 228 25 193 244 251 STEADY... 3% Total m. dwt 27. 31. 36.9 27.6 33.6 29.7 28.6 35.3 36.9 FIRM... 4% Suezmax Spot No of Vessels, Avg. No of Vessels, start Suezmax Spot Outlook Supply ~ 214 215^ Aug Sep Oct Nov Dec Jan Feb Trend West Africa 13 11 89 112 18 76 95 17 96 82 TIGHTER... Mediterranean 85 94 18 128 11 86 14 119 115 11 TIGHTER... North Sea 73 72 72 88 77 58 74 8 75 68 TIGHTER... ^ Year to date. * Average Earnings are calculated as described in 'SIW Sources and Methods', which can be found on SIN 21. ** Spot demand is the average number of fixtures per month. ~ Spot supply covers the number of unfixed vessels entering the load zone per month. "Timecharter rates basis estimated owners' rates. Clarkson Research Services Page 6 Feb-15

Suezmax Market Trends Suezmax Balance 214 215 % M. Bpd / M. Dwt Forecast Demand WAF-N America.9.7.5.4.3-6% AG-Med 1.1 1..9.9.9 % Caribs-N America.9 1.1 1.1.9.9-7% WAF-Med/UKC.8 1. 1.1 1..9-6% AG-India.5.5.5.6.7 15% Med/UKC- N America.4.4.3.3.3 2% Med/Black Sea-UKC.3.3.3.3.3 3% Med/Black Sea-Med 1..9.8.8.7-2% Others 1.7 2. 2.5 3. 3.2 8% Total, m bpd 7.5 7.9 8.1 8.1 8.3 2% Total, m dwt ~ # 49. 52.6 55. 55.5 58. 4% % growth -1.2% 7.5% 4.6%.9% 4.5% ~Derived from crude trade above and DPP trade. Supply* 12,-159,999 dwt # 57.5 61.3 64.7 64.5 16,-199,999 dwt # 1.8 11.3 11.4 11.2 Total # 68.3 72.6 76.1 75.8 76.7 1% Combos in Oil #.7.3.2.4.4 % Laid-up & Long-term Storage # 1.4. 1.4 1.1 1.1 % Shuttle # 5.1 5. 6.5 6.3 6.4-2% Active Fleet # 62.5 67.9 68.4 68.7 69.5 1% % growth -1.1% 8.6%.8%.4% 1.1% Fleet includes coated Suezmax tankers. Balance Demand Growth -1% 7% 5% 1% 4% Supply Growth -1% 9% 1% % 1% Balance % -1% 4% % 3% In 215, Suezmax deadweight demand is projected to rise 4.5% y-o-y. Suezmax crude trade on the AG-India route is expected to increase 15% y-o-y in 215, following an 8% y-o-y rise in 214. The continued expansion of Indian refinery capacity is expected to support overall Indian crude imports, a significant proportion of which is likely to be sourced from producers in the AG. However, it is expected that crude Suezmax trade on the Caribs-North America route will decline 7% y-o-y in 215. US crude production is expected to expand further in 215, whilst several Caribbean producers are projected to reduce shipments. Meanwhile, dirty petroleum products trade on Suezmaxes is expected to continue to lend further support to overall Suezmax deadweight demand in 215. By the end of 215, the Suezmax fleet is expected to have increased by 1% y-o-y, following a decline in 214, to stand at 76.7m dwt. Of the 1.6m dwt on order at the start of 215, just 1.5m dwt is expected to be delivered in full year 215. Demolition is expected to remain at relatively low levels of around.6m dwt, reflecting both the improved market environment and the relatively low proportion of the fleet that is aged over 2 years (with only 3% of Suezmax tonnage aged over 2 years at the start of February). Fleet growth is projected to accelerate to 4% in 216, following three years of very limited expansion. Suezmax S&P Number & Value Number & Value 3 Month Market # 214 215^ Aug Sep Oct Nov Dec Jan Trend Newbuild Prices 156-158K newbuild ($m) 58.3 56.4 65.2 65. 65. 65.5 66. 65.5 65. 65. WEAK... -1% No. of Contracts Placed 9 5 4 3 2 4 6 1 3 FIRMER... 8% Est. Investment Value ($bn).5.3 2.6.2.1.3.4..7.2 FIRMER... 7% Secondhand Prices 16k 5yo ($m) 44.3 4. 5.9 6. 5. 5. 54. 57. 57. 6. FIRMER... 13% 15k 1yo ($m) 29.3 25.5 34.2 42. 34. 34. 35. 37. 37. 42. FIRMER... 13% No. of Sales 9 19 42 2 3 2 3 11 2 FIRMER... 22% 5 Year Old/NB Price Ratio 76% 71% 78% 92% 77% 76% 82% 87% 88% 92% FIRMER... 14% Demolition $/ldt 437 422 473 425 495 55 495 475 455 425 WEAKER... -9% No. Scrapped 2 7 8 1 3 FIRMER... 2% Est. Scrap Value ($m) 22.1 68.3 87.5. 11.4.. 32.9.. FIRMER... 188% Fleet M. Dwt M. Dwt, month end Forecast* Profile 214 215^ Aug Sep Oct Nov Dec Jan 215 216 Fleet Total 72.6 76.1 75.8 76.2 75.9 76. 76.2 75.8 75.8 76.2 76.7 79.8 Deliveries 7.3 4.7 1.3.5.2.2.2.2..5 1.5 3.7 Scrapping 3. 1. 1.2..2...4...6.5 Contracting 1.3.8 6.3.5.3.6 1.. 1.6.5 Orderbook 13. 8.4 1.6 1.6 8.1 8.6 9.4 9. 1.6 1.6 *End of year figure. ^ Year to date. Fleet totals in metric tonnes, net of est. conversions and misc. changes, accounting for historical and expected delivery performance. Clarkson Research Services Page 7 Feb-15

Aframax Market Trends Aframax Market 55 5 45 4 35 3 25 2 15 1 5 US$,/day Jan-13 Mar-13 Commentary Aframax Spot Average WS Average WS Aframax Market Rates 214 215^ Aug Sep Oct Nov Dec Jan This Month 1K Baltic - UKC 78 9 129 96 63 77 14 93 129 FIRMER... 39% 8K Med - Med 79 14 112 94 79 95 165 14 112 FIRM... 8% 8K UKC - UKC 93 111 121 114 93 11 118 113 121 FIRM... 8% 8K Indonesia - Japan 8 11 114 113 97 92 114 116 114 STEADY... -2% 8K Black Sea - Med 82 16 114 95 86 96 165 14 114 FIRMER... 9% 8K Gulf - East 83 14 19 114 97 93 127 119 19 WEAKER... -9% 7K Caribs - US Gulf 12 126 135 119 83 124 15 16 135 FIRMER... 27% Aframax Average $/day Average $/day Aframax Market Earnings* 214 215^ Aug Sep Oct Nov Dec Jan This Month Average Spot Earnings 14,131 24,75 42,527 23,745 13,73 21,947 43,22 33,619 42,527 FIRMER... 26% 1 Year T/C Rate (Modern)" 13,288 17,538 23, 18, 18,625 19,7 21,25 23, 23, STEADY... % 3 Year T/C Rate (Modern)" 15,48 19,29 23, 21, 21, 21,6 22,25 23, 23, STEADY... % Aframax Spot Aframax Spot Demand Demand** 214 215^ Aug Sep Oct Nov Dec Jan This Month Ex - Caribbean 16 15 23 9 1 8 16 4 23 WEAKER!! -43% Ex - UK-Cont 23 18 22 15 12 19 21 24 22 WEAKER... -8% Ex - Mediterranean 62 53 5 65 5 5 4 45 5 FIRMER... 11% Ex - Arabian Gulf 37 25 23 17 2 3 25 19 23 FIRMER... 21% Others 159 142 18 127 18 17 156 172 18 FIRM... 5% Total Nos. 297 254 298 233 2 214 258 3 298 STEADY... -1% Total m. dwt 28.2 24.2 28.3 22.1 19. 2.3 24.5 28.5 28.3 STEADY... -1% Aframax Spot No of Spot Fixtures (RHS) May-13 Jul-13 Sep-13 Nov-13 Jan-14 Aframax Average Spot Earnings (LHS) Mar-14 No of Fixtures, Avg. No of Vessels, Avg. Aframax Spot Outlook Supply ~ 214 215^ Aug Sep Oct Nov Dec Jan Feb Trend North Sea 56 47 48 46 39 56 47 47 54 42 Caribbean 21 2 22 19 22 34 3 19 25 18 Mediterranean 67 69 81 1 71 9 83 72 73 88 Clarkson Research Services Page 8 May-14 Jul-14 Sep-14 Nov-14 Jan-15 4 35 3 25 2 15 1 5 Following on from a decline in average spot earnings in December, Aframax average spot earnings rebounded by 26% m-o-m to $42,527/day in January. This is almost double the annual average for 214 and three times greater than earnings in. In the timecharter market, one and three year rates remained steady m-o-m at $23,/day in January, slightly greater than the annual average for both and 214. In Northern Europe, January began relatively brightly, with some of the tonnage list being cleared out towards the start of the month, leaving tonnage and enquiry finely balanced. However, this did not last and an ample tonnage list depressed rates towards the end of the month. Overall, the rate on the cross-ukc route averaged WS 121 in January. In the Med, the market was generally weaker than in the Baltic and UKC. However, during the middle of the month there was a surge in enquiry which supported significant w-o-w rate increases on the cross-med route, although this was not sustained. Overall, the monthly average rate on the cross-med route stood at WS 112 in January. At the start of February it was expected that the number of unfixed Aframaxes entering both the North Sea and Caribbean during the month would fall. No of Fixtures No of Vessels, start TIGHTER... TIGHTER... SOFTER... ^ Year to date. * Average Earnings are calculated as described in 'SIW Sources and Methods', which can be found on SIN 21. ** Spot demand is the average number of fixtures per month. ~ Spot supply covers the number of unfixed vessels entering the load zone per month. Note: Fixtures refer to crude fixtures only. "Timecharter rates basis estimated owners' rates. Feb-15

Aframax Market Trends Aframax Balance 214 215 % M. Bpd / M. Dwt Forecast Crude Demand Baltic - UKC 1.7 1.7 1.6 1.5 1.6 1% UKC - UKC 2.3 2.3 2.1 1.9 1.9-1% Med/Black Sea-Med 1.7 1.5 1.3 1.3 1.3-2% Intra Far East 1.1 1.2 1.1 1.2 1.2 3% Caribs - N America 1.8 1.5 1.3 1.1 1.1 1% AG - Asia/Australia 1..9.9.8.7-9% Others 2.4 2.6 2.6 2.5 2.3-7% Total, m bpd 11.9 11.8 1.9 1.3 1.1-2% Total, m dwt ~ # 6.8 59.2 54.2 52.3 51.2-2% % growth -5.9% -2.8% -8.4% -3.6% -2.1% Supply* 8,-89,999 dwt # 2.9 2. 1.5 1.5 9,-99,999 dwt # 12.7 9.3 7.6 7.6 1,-119,999 dwt # 81.2 85.6 87.2 87.2 Total # 96.8 97.7 97. 96.2 98.8 3% Combos in Oil # 1. 1..9.7.7 % Laid-up & Long-term Storage # 1.6.8 1.2.7.7 % Shuttle Tankers # 2.4 2.7 2.7 2.7 2.7 % Products Tankers # 26. 26.5 26.9 27.9 31. 11% Active Crude Fleet # 67.8 68.8 67. 65.5 65. -1% % growth -2.5% 1.4% -2.6% -2.2% -.8% Balance Demand Growth -6% -3% -8% -4% -2% Supply Growth -3% 1% -3% -2% -1% Balance -3% -4% -6% -1% -1% ~Demand derived from crude trade above and DPP trade. In 214, crude Aframax deadweight demand is estimated to have declined 3.6% y-o-y. A decrease of 2.1% y-o-y is projected for crude Aframax deadweight demand in 215, partially as a result of an expected 9% y-o-y decline in AG-Asia/Australia crude Aframax trade. The impending closure of the Bulwer refinery in Brisbane, Australia is expected to suppress total crude imports to the country, a significant proportion of which is shipped from the AG. Meanwhile, crude Aframax trade is expected to increase by 3% y-o-y on the intra Far East routes, largely driven by an expected rise in Chinese imports of crude from smaller Asian producers as well as from Eastern Russia. In 214, seaborne crude exports from Russia to China rose 26% y-o-y and it is expected that volumes on this route will continue to rise in 215, lending support to crude Aframax trade in the region. The total Aframax fleet is projected to increase 3% y-o-y by the end of 215, largely on the back of additions to the LR2 product tanker fleet. Total Aframax deliveries are projected to reach 4.m dwt in 215, with the vast majority of these expected to be LR2s. Meanwhile, scrapping is projected to total 1.4m dwt and is generally expected to affect the crude fleet more significantly than coated Aframax tonnage. The active crude Aframax fleet is expected to shrink by.8% during 215. Aframax S&P Number & Value Number & Value 3 Month Oct Trend Market 214 215^ Aug Sep Nov Dec Jan Newbuild Prices 113-115K newbuild ($m) 49.9 48.5 54.3 53.5 53.5 54. 54. 54. 54. 53.5 SAME... % No. of Contracts Placed 18 79 24 1 4 6 FIRMER... 2% Est. Investment Value ($bn).9 3.8 1.3..1..2..3. FIRMER... 2% Secondhand Prices 15K 5yo, d/h ($m) 3.5 29. 38.9 46. 4. 42. 42. 42. 42. 46. FIRM... 5% 15K 1yo, d/h ($m) 17.9 18.8 24.6 31. 25. 27. 27. 27. 27. 31. FIRMER... 8% 95-97k 15 year old ($m) 9.8 9.4 13.3 17. 12.5 13. 14. 14. 14. 17. FIRMER... 14% No. of Sales 35 42 69 2 3 8 4 3 8 2 WEAKER!! -13% 5 Year Old/NB Price Ratio 61% 6% 72% 86% 75% 78% 78% 78% 78% 86% FIRM... 5% Demolition $/ldt 437 422 473 425 495 55 495 475 455 425 WEAKER... -9% No. Scrapped 37 24 26 1 1 4 2 WEAKER!! -67% Est. Scrap Value ($m) 27.9 169.7 26.1. 8.3 8.5 33.2 15.9.. WEAKER!! -68% Fleet M. Dwt M. Dwt, month end Forecast* Profile 214 215^ Aug Sep Oct Nov Dec Jan 215 216 Fleet Total 97.7 97. 96.2 96.7 96. 96.2 96.1 96.2 96.2 96.7 98.8 11.4 Deliveries 4.7 1.9 1.9.5.1.3.2.3..5 4. 3.9 Scrapping 3.5 2.4 2.4..1.1.4.2.. 1.4 1.3 Contracting 2. 8.9 2.7..1..5..7. Orderbook 6.4 12.9 12.7 12.2 13. 12.7 12.9 12.1 12.7 12.2 *End of year figure. ^Year to date. Fleet totals in metric tonnes, net of est. conversions and misc. changes, accounting for historical and expected delivery performance. Clarkson Research Services Page 9 Feb-15

Panamax Market Trends 4 35 3 25 2 15 1 5 Panamax Market US$,/day Dirty Products Average Spot Earnings (LHS) Jan-13 No. of Spot Fixtures (RHS) Mar-13 May-13 Jul-13 Commentary Panamax Spot Average WS Average WS Panamax Market Rates 214 215^ Aug Sep Oct Nov Dec Jan This Month 55K Med - USG (Dirty) 13 123 144 118 116 116 132 132 144 FIRMER... 9% 5K UKC - USG (Dirty) 16 128 146 122 116 12 133 136 146 FIRM... 7% 5K WCSA - USAC (Dirty) 134 129 135 12 12 122 125 135 135 STEADY... % 5K Caribs - USG (Dirty) 114 141 145 152 115 124 138 147 145 STEADY... -2% For Panamax product tanker (LR1) spot rates see page 24. Panamax Average $/day Average $/day Panamax Market Earnings* 214 215^ Aug Sep Oct Nov Dec Jan This Month Ave. Spot Earnings (Dirty) 11,127 18,858 31,744 17,421 14,211 17,472 23,894 27,996 31,744 FIRMER... 13% Dirty Spot Earnings Index 83 14 236 13 16 13 178 28 236 FIRMER... 13% For Panamax product tanker (LR1) one year timecharter rates see page 24. Panamax Spot Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 No of Fixtures, Avg. Jan-15 6 5 4 3 2 1 In January, average dirty spot earnings increased by 13% m-o-m to $31,744/day, the highest level since January 214. Previously to this, dirty monthly average spot earnings had not breached the $3,/day mark since December 28, when they stood at $36,134/day. Average spot earnings in January 215 were almost three times higher than the annual average and significantly greater than the 214 average. In the European market, available tonnage remained limited throughout much of January, which helped to support good market conditions for owners. Coupled with this, there was a relatively high level of enquiry towards the start of the month, further supporting rates on routes ex- Europe. For example, the average rate on the UKC-USG route stood at WS 146 in January, whilst the rate on the Med-USG route averaged WS 144. In the Caribbean market, January started relatively weakly, with ample available tonnage and low enquiry. However, this situation did not persist throughout the month as activity picked up, thinning out the tonnage list in the region and supporting rates in the Caribbean. Overall, the monthly average rate on the Caribs-USG route stood at WS 145. Meanwhile, on the other side of Latin America, the rate on the WCSA-USAC route averaged WS 135. No of Fixtures Panamax Spot Demand Demand** 214 215^ Aug Sep Oct Nov Dec Jan This Month Ex-Caribs 3 1 3 1 7 4 3 WEAKER... -25% Ex-Far East/South East Asia 2 1 1 2 1 #DIV/! #DIV/! Ex-Med/Black Sea 8 7 9 7 6 5 9 1 9 WEAKER... -1% Ex-UKC 9 5 1 5 7 6 5 3 1 FIRMER... 233% Ex-Baltic 3 3 3 1 7 4 4 3 3 STEADY... % Others 8 5 2 3 5 5 9 11 2 FIRMER... 82% Total Nos. 32 22 46 19 25 2 34 31 46 FIRMER... 48% Total m. dwt 2.2 1.5 3.1 1.4 1.6 1.4 2.4 2. 3.1 FIRMER... 5% Panamax Spot No of Vessels, Avg. No of Vessels, start Panamax Spot Outlook Supply ~ 214 215^ Aug Sep Oct Nov Dec Jan Feb Trend Caribbean 3 2 2 2 1 2 2 4 1 Black Sea 3 2 3 3 3 3 2 UK/Cont 3 2 3 3 1 3 3 2 TIGHTER... TIGHTER... TIGHTER... ^ Year to date. * Average Earnings are calculated as described in 'SIW Sources and Methods', which can be found on SIN 21. ** Spot demand is the average number of fixtures per month. ~ Spot supply covers the number of unfixed vessels entering the load zone per month. Note: Fixtures refer to crude fixtures only. Clarkson Research Services Page 1 Feb-15

Panamax Market Trends Panamax Balance 214 215 % Crude Demand Caribs - N. America.37.26.21.15.12-24% AG-Far East.5.5.1.. -58% Med/UKC/BSea-N. America.6.6.4.2.2-29% Far East-Far East.7.7.5.3.1-72% Baltic-UKC.1.1.1.. -85% Baltic-N. America.5.2... -4% Other.34.4.29.9.6-33% Total, m bpd 1..9.6.3.2-32% Total, m dwt ~ # 6.5 6.4 4.4 2.7 2.3-14% % growth.9% -1.5% -31.1% -38.% -14.% ~Derived from crude trade above and DPP trade. Supply* 6,-69,999 dwt # 6.9 6.5 6. 5.6 7,-79,999 dwt # 22.4 23.3 23.9 24.2 Total # 29.3 29.8 29.9 29.8 29.8 % Combos in Oil #.3.1... #DIV/! Laid-up & Long-term Storage #.1.1..1.1 % Shuttle Tankers #.4.4.4.4.4 % Products Tankers # 22.7 23.1 23.6 23.8 23.9 Active Crude Fleet # 6.4 6.3 6. 5.6 5.5-2% % growth -22.7% -1.3% -5.3% -5.5% -1.7% Balance Demand Growth 1% -2% -31% -38% -14% Supply Growth -23% -1% -5% -5% -2% Balance 24% % -26% -33% -12% Panamax S&P M. Bpd / M. Dwt Forecast Uncoated Panamax deadweight demand is expected to continue to decline in 215. Crude oil volumes traded on Panamaxes on the Caribs North America route have come under significant pressure in recent years, falling by around 3% in 214 alone, as the US has continued to reduce dependence on imported crude oil. However, uncoated Panamaxes have continued to trade some volumes of dirty petroleum products, mostly on routes into the US from Europe. Overall, the crude Panamax tanker fleet is expected to continue to decline in 215, by around 2%, to reach 5.5m dwt by the end of the year. The uncoated Panamax fleet has now shrunk by around 4% compared to its peak size at the end of 26. Around 95% of orders placed in the Panamax size sector since the end of 26 have been for coated LR1 product tankers, while the majority of vessels scrapped have been uncoated tankers. However, demolition in the sector is expected to remain relatively low in the short-term. The LR1 tanker fleet is relatively modern, with only 4% of tonnage aged over 15 years (and 2% over 2 years), while only a few elderly uncoated Panamaxes remain in the fleet (8 vessels are currently aged over 2 years, around 9% of the fleet). Overall, the LR1 tanker fleet is projected to remain fairly steady in 215, but growth is likely to accelerate in 216, with 1.7m dwt projected to be delivered. Number & Value Number & Value 3 Month Market 214 215^ Aug Sep Oct Nov Dec Jan Trend Newbuild Prices 73-75K LR1 newbuild ($m) 42.3 41.3 45.7 45.8 45.5 46.5 46.5 46.3 46. 45.8 WEAK... % No. of Contracts Placed 7 26 2 4 4 WEAKER!! -33% Est. Investment Value ($bn).3. 1.2..1..2..2. WEAKER!! -34% Secondhand Prices 73K LR1 5 year old ($m) 26.1 28. 33. 36. 32.5 32.5 32.5 32.5 33.5 36. FIRM... 5% 7K 1 year old ($m) 17. 18.5 22.3 26. 22. 22. 22. 22. 23.5 26. FIRMER... 8% 7K 15 year old ($m) 9.9 1.6 12.6 16. 12.5 12.5 13.5 13.5 13.5 16. FIRMER... 12% No. of Sales 1 18 19 3 2 WEAKER!! -33% 5 Year Old/NB Price Ratio 62% 68% 72% 79% 71% 7% 7% 7% 73% 79% FIRMER... 5% Demolition $/ldt 437 422 473 425 495 55 495 475 455 425 WEAKER... -9% No. Scrapped 5 8 6 2 2 SAME... % Est. Scrap Value ($m) 32. 49.4 41.5... 14.5 13.9.. WEAK... -4% Fleet M. Dwt M. Dwt, month end Forecast* Profile 214 215^ Aug Sep Oct Nov Dec Jan 215 216 Fleet Total 29.8 29.9 29.8 29.9 3.1 3.1 3. 29.8 29.8 29.9 29.8 31.4 Deliveries 1..7.3.1......1.2 1.7 Scrapping.3.5.4....1.1...2.1 Contracting.5. 1.9..1..3..3. Orderbook 2.5 1.6 3.1 3.1 2.6 2.6 2.9 2.9 3.1 3.1 *End of year figure. ^ Year to date. Fleet totals in metric tonnes, net of est. conversions and misc. changes, accounting for historical and expected delivery performance. Clarkson Research Services Page 11 Feb-15

Seaborne Crude Imports Global Imports By Region 215 Other Asia 28% Imports to Million Bpd N. America 21 214 215 United States 7.2 6.7 6.1 5.1 4.5 4.4 SOFTER... -4% Canada.8.7.7.6.5.5 FIRM... 3% Total 8. 7.4 6.8 5.7 5. 4.9 SOFTER... -3% Imports to Imports to Others 12% EU 23% Million Bpd Million Bpd United States 12% Japan 9% China 16% % Change Asia 21 214 215 % Change 2 China 4.4 4.6 4.9 5.1 5.6 6.1 FIRM... 7% Japan 3.7 3.6 3.7 3.6 3.5 3.4 STEADY... -2% Korea 2.4 2.5 2.6 2.5 2.4 2.4 STEADY... 1% India 3.3 3.4 3.6 3.8 3.9 4. FIRM... 4% Singapore.8 1.1 1.1 1.1 1.1 1.1 STEADY... 2% Thailand.8.8.9.9.9.9 FIRM... 4% Other Asia 1.5 1.4 1.6 1.5 1.6 1.7 FIRM... 3% 12 Total* 17. 17.4 18.4 18.6 19. 19.7 FIRM... 3% 1 EU 21 214 215 % Change Germany 1.4 1.4 1.5 1.5 1.4 1.5 STEADY... 1% France 1.2 1.3 1.2 1.1 1. 1. SOFTER... -3% Italy 1.6 1.4 1.4 1.2 1. 1. STEADY... -3% Spain 1.1 1. 1.2 1.2 1.2 1.2 STEADY... 2% Netherlands 1.7 1.5 1.8 1.6 1.6 1.6 STEADY... -2% Other 2.2 2.2 2.4 2.2 2.1 2.1 STEADY... -2% Total 9.2 8.8 9.4 8.8 8.5 8.4 STEADY... -1% Imports to Million Bpd Major Others 21 214 215 % Change Brazil.3.3.3.4.4.4 FIRMER... 11% Africa.6.5.6.5.6.6 FIRMER... 1% OECD Australasia.6.5.6.6.6.5 WEAKER... -8% Commentary In 215, seaborne crude trade is projected to increase 1.4% to stand at 36.8m bpd, following a decline of 1.5% in 214. It is expected that the majority of growth will be driven by imports into Asia. In 215, Asian crude imports are currently expected to increase 3% to stand at 19.7m bpd, accounting for 54% of total seaborne crude imports, largely on the back of increased Chinese and Indian imports. The continued expansion of Indian refinery capacity this year is expected to support Indian crude imports rising 4% to 4.m bpd. Meanwhile, continued demand for importing crude oil at relatively lower prices is expected to support Chinese import volumes this year. However, Japanese crude imports are expected to decline 2% y-o-y to 3.4m bpd. The Japanese refinery sector has come under significant pressure in recent years and there have been further calls for consolidation and capacity cuts. As a result, it is expected that Japanese refiners are likely to continue to be largely outcompeted by more modern plants elsewhere in Asia and the Middle East. Meanwhile, total EU crude imports are projected to decline 1% y-o-y to 8.4m bpd. Although lower oil prices are likely to aid European refiners margins, declining oil demand across the region is expected to continue to suppress European crude import requirements in 215. 1 8 6 4 8 6 4 2 7 6 5 4 US Imports By Region m. bpd N & W Africa m. bpd Caribs/L. Am Middle East 26 m. bpd 26 Middle East Chinese Imports By Region WAF 28 28 Others EU Imports By Region Black Sea/Med 21 21 Baltic/North Sea Others Others 214e 214e 215f 215f Global Million Bpd Imports 21 214 215 % Change Other Importers* 1.9 2.2 2.1 2.2 2.2 2.2 STEADY... 1% Global Total 37.5 37.2 38.2 36.8 36.3 36.8 STEADY... 1% % change 2.9% -.9% 2.7% -3.6% -1.5% 1.4% * Primarily other Latin American (.32m bpd in ) and non-eu (.6m bpd in ) importers Clarkson Research Services Page 12 Feb-15 3 2 1 26 28 21 Middle East 214e 215f

Seaborne Crude Exports Seaborne Crude Exports By Region 45 4 35 3 25 2 15 1 5 m bpd Latin America 26 Others FSU Africa Middle East 28 North Sea 21 Exports from Million Bpd Middle East 21 214 215 % Change Saudi Arabia 6.6 7.2 7.6 7.6 7.4 7.5 STEADY... 2% Iran 2.6 2.5 1.3 1. 1.1 1.2 FIRM... 7% Iraq * 1.9 2.2 2.4 2.4 2.5 2.6 FIRM... 5% UAE 2.1 2.3 2.7 2.7 2.8 2.9 FIRM... 5% Kuwait 1.4 1.8 2.1 2.1 2. 2. STEADY... % Oman.8.8.7.8.7.7 STEADY... -1% Total Middle East 16.9 18.3 18.1 17.8 17.9 18.3 STEADY... 2% Exports from Million Bpd Other Regions 21 214 215 % Change Norway 1.6 1.4 1.3 1.2 1.2 1.2 STEADY... % United Kingdom.9.7.7.7.7.6 STEADY... -1% North Sea Total 2.5 2.1 2. 1.9 1.9 1.9 STEADY... % Mexico 1.4 1.4 1.3 1.2 1.2 1.1 STEADY... -1% Venezuela 1.6 1.6 1.7 1.9 1.7 1.7 STEADY... -2% Brazil.6.6.6.4.5.5 WEAKER... -1% Colombia.5.6.6.7.7.7 STEADY... -2% Ecuador.4.3.4.4.4.4 STEADY... 2% Latin American Total 4.5 4.5 4.7 4.7 4.6 4.5 STEADY... -2% Nigeria 2.3 2.2 2.2 2. 2. 2. STEADY... -2% Libya 1.1.3 1.2.6.1.2 FIRMER... 146% Algeria.7.7.7.6.5.5 STEADY... -2% Angola 1.7 1.6 1.7 1.8 1.7 1.8 FIRM... 3% Gabon.2.2.2.2.2.2 STEADY... 1% Others 1.3 1.4 1.4 1.3 1.6 1.7 STEADY... 3% African Total 7.3 6.4 7.4 6.5 6.2 6.4 STEADY... 3% Others & Million Bpd Global Total 21 214 215 % Change 214e 215f Commentary Latin American crude exports are expected to decline 2% in 215 to reach 4.5m bpd. Several South American producers, most notably Venezuela, are expected to be significantly affected by the decline in oil prices, limiting their ability to invest further in the oil sector. Brazilian crude exports are expected to fall 1% y-o-y to.5m bpd, in spite of a relatively positive production outlook. The projected decline in Brazilian crude exports is largely as a result of increased domestic refinery capacity, which is likely to take a significant volume of Brazilian crude off the export market. Elsewhere, seaborne exports from the FSU are projected to decline 1% y-o-y to 4.9m bpd. Although Russian production is expected to remain relatively steady in 215, difficulties surrounding western sanctions are likely to suppress crude export levels. Similarly, tax incentives to refine crude domestically and then export it are expected to have an impact. Meanwhile, total exports from the North Sea are projected to remain steady y-o-y at 1.9m bpd in 215, with UK exports declining 1% y-o-y to.6m bpd. This reflects the expectation that relatively high cost production across several of the more mature fields in the North Sea may be adversely affected by the recent decline in the price of oil. Indonesia.3.3.3.3.2.2 STEADY... 3% Australia.3.3.3.2.3.3 STEADY... 1% 2 N. America China FSU (seaborne only) 5.2 4.8 4.9 4.9 4.9 4.9 STEADY... -1% Other Exporters.5.5.6.5.4.4 FIRMER... 9% 1 Global Total # 37.5 37.2 38.2 36.8 36.3 36.8 STEADY... 1% % Change 2.9% -.9% 2.7% -3.6% -1.5% 1.4% *Iraqi crude exports include shipments out of the AG and do not include exports from the Med. Clarkson Research Services Page 13 Feb-15 24 2 16 12 8 4 6 5 4 3 2 1 5 4 3 Middle Eastern Exports By Region m. bpd Others N. America 26 m. bpd 26 Asia 28 28 21 21 Europe India West African Exports By Region m. bpd N. America 26 India 28 21 214e Other Asia China Europe 214e Latin American Exports By Region Others India 214e 215f 215f 215f

Crude Oil Transport Costs 1..8.6.4.2. Jan-8 $ per 'bbl/mile * Jul-8 Jan-9 * Cost of moving 1, bbls of crude oil for 1 mile VLCC Delivered Cost Transport Cost ($ per 'bbl/m) VLCC Costs Transport Costs Av. Av. Av. Av. Nov Dec Jan This Month Total % freight 214 215* 214 214 215 28,t Gulf-US Gulf 47.75 5.%.11.9.1.13.11.12.13 HIGHER!! 9% 265,t Gulf-Japan 47.82 5.1%.13.12.13.18.16.19.18 SOFTER -2% 265,t Gulf-S. Korea 47.57 4.6%.12.12.13.18.15.18.18 STEADY % 27,t Gulf-Singapore 46.8 3.%.13.13.14.19.17.19.19 SOFTER -2% 26,t WAF-China 53.27 6.6%.13.12.13.17.15.17.17 STEADY 1% 26,t WAF-US Gulf 52.9 4.5%.14.13.16.2.19.19.2 HIGHER!! 7% 26,t WAF- WC India 52.28 4.9%.14.13.14.18.18.19.18 WEAKER!! -7% 275,t Caribs-Singapore 41.53 8.6%.14.14.17.25.22.24.25 STEADY 3% VLCC Transport Cost.13.12.14.19.17.18.19 STEADY 1% Suezmax Transport Cost ($ per 'bbl/m) Suezmax Costs Transport Costs Av. Av. Av. Av. Nov Dec Jan This Month Total % freight 214 215* 214 214 215 13,t WAF-USAC 52.44 5.2%.19.18.21.26.28.25.26 HIGHER!! 6% 13,t WAF-Med 52.7 4.5%.21.2.23.29.3.27.29 HIGHER!! 7% 13,t Gulf-China 47.98 5.4%.21.19.22.25.27.27.25 WEAKER!! -7% 14,t Med-Med 46.57 2.5%.3.28.34.42.43.38.42 HIGHER!! 9% 14,t Black Sea- Med 49.4 2.7%.38.34.42.53.54.52.53 STEADY 3% 13,t Gulf-WC India 46.23 1.7%.28.25.3.36.43.41.36 WEAKER!! -12% Suezmax Transport Cost.26.24.29.35.38.35.35 STEADY 1% Aframax Transport Cost ($ per 'bbl/m) Aframax Costs Transport Costs Av. Av. Av. Av. Nov Dec Jan This Month Total % freight 214 215* 214 214 215 8,t Med-USAC 51.69 4.6%.3.29.32.33.44.32.33 FIRMER 5% 8,t Black Sea-Med 49.46 3.5%.4.4.49.53.77.49.53 HIGHER!! 9% 8,t UKC-UKC 46.65 2.7%.73.83.96 1.5 1.2.98 1.5 HIGHER!! 8% 8,t Sidi Kerir-Trieste 46.54 2.5%.36.35.45.48.71.45.48 HIGHER!! 8% 8,t Gulf-East 47.7 4.9%.27.25.3.31.36.34.31 WEAKER!! -9% 8,t Indo-Japan 54.14 4.5%.28.27.32.35.36.36.35 SOFTER -2% 7,t Caribs-US Gulf 39.63 4.2%.35.37.43.47.52.37.47 HIGHER!! 27% Aframax Transport Cost.39.39.47.51.6.47.51 HIGHER!! 7% Delivered cost= C&F price (sum of freight & cost of oil) prices avg. month. '%'= freight cost as % of Delivered Cost. Commodity costs based on following assumptions: Oil prices based on Dubai-Fateh ex-meg, Bonny Light-37 ex-waf, Algerian Sahara Blend ex-arzew, Dubai-Fateh ex-sidi Kerir, Russian Urals ex-black Sea, Brent Blend spot ex-ukc, Venezuela, Merey ex-caribs and Indonesia, Minas ex-indonesia. Oil prices sourced from various industry sources. *Indicates average of year to date. Clarkson Research Services Transport Cost By Ship Size Cost in a VLCC Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Cost in an Aframax Cost in a Suezmax $/bbl Jul-12 Jan-13 Delivered Cost $/bbl Delivered Cost $/bbl Jul-13 Jan-14 Jul-14 Jan-15 Page 14 Commentary VLCC: In January, the average cost of transporting crude on a VLCC rose 1% m-o-m. There were notable increases in average transport costs on the Gulf-US Gulf and WAF-US Gulf routes, where costs rose 9% and 7% m-o-m respectively. Meanwhile, crude transport costs on both the Gulf-Japan and Gulf-Singapore routes fell 2% m-o-m. Suezmax: Suezmax average crude transport costs increased by 1% m-o-m in January. The cost of transporting crude oil on the featured routes out of the Gulf declined, by 7% on the route to China and by 12% on the route to WC India. Aframax: In January, the average cost of transporting crude oil on an Aframax increased 7% m-o-m. The most dramatic increase across the featured routes was on the Caribs-US Gulf route, where transport costs increased 27% m-o-m. In contrast, transport costs on the Gulf-East and Indo-Japan routes fell 9% and 2% m-o-m respectively. Feb-15

The Oil Tanker Fleet & Orderbook Oil & Tanker Trades Outlook Fleet Definitions Tanker Fleet Data, Start Feb-15 The total tanker fleet and orderbook, as broken down in the following seven pages is the aggregate of crude, products, chemical and other specialised tankers for each size range. The definition for those sub-sectors is laid out below. Crude tankers are defined as all uncoated tankers above 6, dwt and are used in the transportation of crude oil and also dirty petroleum products. (Note Suezmax supply analysis on pages 3 and 7 includes coated Suezmaxes). Product tankers are defined as tankers suitable for the carriage of refined petroleum products and include: o Coated non-imo graded tankers o All IMO III tankers o IMO II tankers of 3,-59,999 dwt which meet the criteria: average tank size >3, cbm and tanks <75% segregated (excluding tankers with any stainless steel tanks) o Uncoated non-imo graded tankers 1,- 59,999 dwt o Excludes any specialised tankers. Note: Product Tanker supply analysis on pages 3 & 25 includes 1,-119,999 dwt product tankers only. Chemical tankers are defined as tankers that are suitable for chemical trades, including chemical parcel and chemical bulk tankers. Total chemical tanker fleet includes IMO I tankers, stainless steel tankers not designated as specialised tankers, tankers of an unknown IMO grade and IMO II tankers (excluding those 3,-59,999 dwt with an average tank size > 3, cbm and tanks <75% segregated, which are classed as product tankers). The other specialised tanker fleet includes tankers designed for the carriage of specialist liquids (other than chemical tankers) such as asphalt and bitumen tankers, water carriers, waste disposal carriers, molten sulphur tankers, methanol carriers, and wine and juice carriers. 6 55 5 45 4 35 3 The Oil Tanker Fleet & Orderbook m.dwt Orderbook as % Fleet Chemical/Other Specialised Tanker Fleet Product Tanker Fleet 5% 4% 3% 2% No. m. Dwt Total Tanker Fleet (1k+ dwt) 5,941 511. % 2+ years 7% 4% % < 5 years Average Age (years) Average Size (dwt) Est. Value Of The Fleet ($bn) 25% 3% 9.4 86,13 163.8 Total Tanker Orderbook (1k+ dwt) 811 74. % of Fleet 14% 14% Est. Value Of The Orderbook ($bn) 39.2 No. m. Dwt Crude Tanker Fleet Average Age (years) Average Size (dwt) Crude Tanker Orderbook % of Fleet Demolition (215 ytd) Deliveries (215 ytd) Product Tanker Fleet (1k+ dwt) Average Age (years) Average Size (dwt) Product Tanker Orderbook % of Fleet Demolition (215 ytd) Deliveries (215 ytd) 1,838 28 11% 4 2,584 383 15% 3 19 344.1 9. 187,192 44.5 13%..8 134.3 9.6 51,977 23.7 18%.1 1.1 No. m. Dwt Chemical Tanker Fleet (1k+ dwt) Chemical Tanker Orderbook % of Fleet Other Specialised Tanker Fleet (1k+ dwt) Other Specialised Tanker Orderbook % of Fleet 1,449 195 13% 7 25 36% 3.6 5. 16% 2..8 41% Tanker Supply Trends m.dwt 1 Tankers 1,+ dwt 8 Contracting 6 Deliveries Scrapping 4 25 2 Tankers 1,+ dwt 1% 2 15 Crude Tanker Fleet 1 Feb-5 Feb-6 Feb-7 Feb-8 Feb-9 Feb-1 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 % 1997 1999 21 23 215 ytd Clarkson Research Services Page i Feb-15

Tanker Fleet By Size (Numbers) Total Tanker No. vessels, end: No. vessels, start: Fleet Growth % Fleet Profile 214 Sep Oct Nov Dec Jan Feb Year on Year Total < 1, 2,725 2,86 2,849 2,838 2,841 2,844 2,847 2,849 2,848 STEADY. 1.4% 1,/14,999 691 696 695 69 69 693 695 695 696 STEADY..1% 15,/19,999 573 578 584 577 581 582 584 584 585 STEADY. 1.% 2,/24,999 89 88 9 9 9 9 9 9 9 STEADY. 2.3% 25,/29,999 153 148 144 144 144 144 144 144 144 STEADY. -1.4% Total 1-29,999 1,56 1,51 1,513 1,51 1,55 1,59 1,513 1,513 1,515 STEADY..5% 3,/34,999 161 157 152 153 153 153 152 152 153 STEADY. -3.2% 35,/39,999 48 42 413 46 47 49 412 413 414 STEADY. 3.2% 4,/44,999 249 237 233 235 235 235 234 233 233 STEADY. -2.1% 45,/49,999 717 751 817 798 84 81 815 817 822 LARGER!! 8.% 5,/59,999 31 348 362 358 359 36 361 362 367 LARGER!! 5.2% Total 3-59,999 1,845 1,895 1,977 1,95 1,958 1,967 1,974 1,977 1,989 STEADY. 4.3% Total 1-59,999 3,351 3,45 3,49 3,451 3,463 3,476 3,487 3,49 3,54 STEADY. 2.6% 6,/69,999 97 9 84 88 88 86 84 84 84 SMALLER!! -6.7% 7,/79,999 316 324 328 328 328 328 328 328 329 STEADY. 1.2% Total Panamax 413 414 412 416 416 414 412 412 413 STEADY. -.5% 8,/89,999 24 24 17 19 19 19 17 17 17 SMALLER!! -29.2% 9,/99,999 112 96 78 83 82 78 78 78 78 SMALLER!! -17.% 1,/119,999 777 784 798 79 793 795 798 798 82 STEADY. 2.3% Total Aframax 913 94 893 892 894 892 893 893 897 STEADY. -.6% 12,/159,999 41 423 421 422 423 424 421 421 424 STEADY 16,/199,999 68 69 68 68 68 68 68 68 68 STEADY. -1.4% Total Suezmax 469 492 489 49 491 492 489 489 492 STEADY. -.2% 2,/254,999 255,/319,999 577 577 581 577 576 576 58 581 582 STEADY..9% 32, &+ 35 43 52 5 5 5 52 52 53 LARGER!! 17.8% Total VL/ULCC 612 62 633 627 626 626 632 633 635 STEADY. 2.1% TOTAL 1,+ 5,758 5,835 5,917 5,876 5,89 5,9 5,913 5,917 5,941 STEADY. 1.6% Product Tanker No. vessels, end: No. vessels, start: Fleet Growth % Fleet Profile 214 Sep Oct Nov Dec Jan Feb Year on Year Total < 1, 982 1,27 1,35 1,34 1,34 1,35 1,35 1,35 1,35 STEADY..6% 1,/14,999 151 156 154 152 152 154 154 154 154 STEADY. -.6% 15,/19,999 12 98 97 93 95 95 97 97 97 STEADY. -1.% 2,/24,999 14 13 13 13 13 13 13 13 13 STEADY 25,/29,999 62 55 53 53 53 53 53 53 52 SMALLER!! -5.5% Total 1-29,999 329 322 317 311 313 315 317 317 316 STEADY. -1.6% 3,/34,999 81 75 7 7 7 7 7 7 7 SMALLER!! -6.7% 35,/39,999 322 318 33 322 324 326 329 33 331 STEADY. 4.1% 4,/44,999 211 2 196 198 198 198 197 196 196 STEADY. -2.5% 45,/49,999 622 652 714 696 72 77 712 714 718 LARGER!! 8.5% 5,/59,999 297 335 349 345 346 347 348 349 354 LARGER!! 5.4% Total 3-59,999 1,533 1,58 1,659 1,631 1,64 1,648 1,656 1,659 1,669 STEADY. 4.8% Total 1-59,999 1,862 1,92 1,976 1,942 1,953 1,963 1,973 1,976 1,985 STEADY. 3.8% 6,/69,999 41 39 37 38 38 38 37 37 37 SMALLER!! -5.1% 7,/79,999 276 284 288 288 288 288 288 288 289 STEADY. 1.4% Total Panamax 317 323 325 326 326 326 325 325 326 STEADY..6% 8,/89,999 12 12 9 9 9 9 9 9 9 SMALLER!! -25.% 9,/99,999 21 2 2 2 2 2 2 2 2 STEADY 1,/119,999 213 218 229 222 225 226 229 229 233 LARGER!! 6.9% Total Aframax 246 25 258 251 254 255 258 258 262 STEADY. 4.8% 12,/159,999 7 8 8 8 8 8 8 8 8 STEADY 16,/199,999 3 3 3 3 3 3 3 3 3 STEADY Total Suezmax 1 11 11 11 11 11 11 11 11 STEADY 2,/254,999 255,/319,999 32, &+ Total VL/ULCC TOTAL 1,+ 2,435 2,486 2,57 2,53 2,544 2,555 2,567 2,57 2,584 STEADY. 3.4% Fleet statistics shown are in dwt divisions. Clarkson Research Services Page ii Feb-15

Tanker Fleet By Size (Dwt) Total Tanker Million Dwt, end: Million Dwt, start: Fleet Growth % Fleet Profile 214 Sep Oct Nov Dec Jan Feb Year on Year Total < 1, 14.6 15.1 15.4 15.3 15.3 15.3 15.4 15.4 15.4 STEADY. 1.3% 1,/14,999 8.6 8.7 8.7 8.6 8.6 8.6 8.7 8.7 8.7 STEADY..1% 15,/19,999 1.3 1.4 1.5 1.4 1.5 1.5 1.6 1.5 1.6 STEADY. 1.2% 2,/24,999 2. 1.9 2. 2. 2. 2. 2. 2. 2. STEADY. 2.4% 25,/29,999 4.2 4.1 4. 4. 4. 4. 4. 4. 4. STEADY. -1.6% Total 1-29,999 25.1 25.1 25.2 25. 25. 25.1 25.2 25.2 25.2 STEADY..5% 3,/34,999 5.3 5.1 5. 5. 5. 5. 5. 5. 5. STEADY. -3.4% 35,/39,999 15.3 15.1 15.5 15.2 15.3 15.3 15.4 15.5 15.5 STEADY. 3.3% 4,/44,999 1.5 9.9 9.8 9.9 9.9 9.9 9.8 9.8 9.8 STEADY. -2.1% 45,/49,999 33.6 35.3 38.5 37.6 37.9 38.2 38.4 38.5 38.8 LARGER!! 8.5% 5,/59,999 15.9 17.8 18.5 18.3 18.4 18.4 18.5 18.5 18.8 STEADY. 5.% Total 3-59,999 8.5 83.2 87.2 86. 86.3 86.8 87.1 87.2 87.8 STEADY. 4.8% Total 1-59,999 15.6 18.3 112.4 11.9 111.4 111.9 112.3 112.4 113. STEADY. 3.8% 6,/69,999 6.5 6. 5.6 5.9 5.9 5.7 5.6 5.6 5.6 SMALLER!! -6.6% 7,/79,999 23.3 23.9 24.2 24.2 24.2 24.2 24.2 24.2 24.3 STEADY. 1.3% Total Panamax 29.8 29.9 29.8 3.1 3.1 3. 29.8 29.8 29.9 STEADY. -.3% 8,/89,999 2.1 2. 1.5 1.6 1.6 1.6 1.5 1.5 1.5 SMALLER!! -29.2% 9,/99,999 1.9 9.3 7.6 8.1 8. 7.6 7.6 7.6 7.6 SMALLER!! -16.8% 1,/119,999 84.8 85.6 87.2 86.3 86.6 86.8 87.2 87.2 87.6 STEADY. 2.4% Total Aframax 97.7 97. 96.2 96. 96.2 96.1 96.2 96.2 96.7 STEADY. -.1% 12,/159,999 61.3 64.7 64.5 64.6 64.8 64.9 64.5 64.5 65. STEADY..2% 16,/199,999 11.3 11.4 11.2 11.2 11.2 11.2 11.2 11.2 11.2 STEADY. -1.5% Total Suezmax 72.6 76.1 75.8 75.9 76. 76.2 75.8 75.8 76.2 STEADY. -.1% 2,/254,999 255,/319,999 175.7 176.1 177.6 176.3 176. 176. 177.3 177.6 177.9 STEADY. 1.% 32, &+ 11.5 14. 16.9 16.3 16.3 16.3 16.9 16.9 17.2 LARGER!! 17.5% Total VL/ULCC 187.2 19.2 194.5 192.6 192.3 192.3 194.2 194.5 195.2 STEADY. 2.3% TOTAL 1,+ 492.9 51.6 58.8 55.5 56. 56.4 58.3 58.8 511. STEADY. 1.6% Product Tanker Million Dwt, end: Million Dwt, start: Fleet Growth % Fleet Profile 214 Sep Oct Nov Dec Jan Feb Year on Year Total < 1, 6. 6.3 6.3 6.3 6.3 6.3 6.3 6.3 6.3 STEADY..6% 1,/14,999 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 STEADY. -.8% 15,/19,999 1.8 1.7 1.7 1.6 1.7 1.7 1.7 1.7 1.7 STEADY. -.8% 2,/24,999.3.3.3.3.3.3.3.3.3 STEADY 25,/29,999 1.8 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 SMALLER!! -5.5% Total 1-29,999 5.8 5.5 5.4 5.3 5.4 5.4 5.4 5.4 5.4 STEADY. -2.1% 3,/34,999 2.7 2.5 2.3 2.3 2.3 2.3 2.3 2.3 2.3 SMALLER!! -6.9% 35,/39,999 12.1 11.9 12.4 12.1 12.2 12.2 12.3 12.4 12.4 STEADY. 4.2% 4,/44,999 8.8 8.3 8.2 8.3 8.3 8.3 8.2 8.2 8.2 STEADY. -2.6% 45,/49,999 29.2 3.7 33.8 32.9 33.2 33.4 33.7 33.8 34. LARGER!! 8.9% 5,/59,999 15.2 17.2 17.9 17.7 17.7 17.8 17.8 17.9 18.1 LARGER!! 5.2% Total 3-59,999 68. 7.6 74.5 73.2 73.6 74. 74.3 74.5 75. LARGER!! 5.3% Total 1-59,999 73.8 76.1 79.9 78.5 79. 79.4 79.8 79.9 8.4 STEADY. 4.8% 6,/69,999 2.7 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 SMALLER!! -5.2% 7,/79,999 2.4 21. 21.3 21.3 21.3 21.3 21.3 21.3 21.4 STEADY. 1.4% Total Panamax 23.1 23.6 23.8 23.8 23.8 23.8 23.8 23.8 23.9 STEADY..7% 8,/89,999 1. 1..8.8.8.8.8.8.8 SMALLER!! -24.8% 9,/99,999 2.1 2. 2. 2. 2. 2. 2. 2. 2. STEADY 1,/119,999 23.4 24. 25.2 24.4 24.7 24.9 25.2 25.2 25.6 LARGER!! 7.% Total Aframax 26.5 26.9 27.9 27.1 27.5 27.6 27.9 27.9 28.4 LARGER!! 5.3% 12,/159,999 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 STEADY 16,/199,999.5.5.5.5.5.5.5.5.5 STEADY Total Suezmax 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 STEADY 2,/254,999 255,/319,999 32, &+ Total VL/ULCC TOTAL 1,+ 125. 128.4 133.3 131.2 132. 132.5 133.2 133.3 134.3 STEADY. 4.1% Fleet statistics shown are in dwt divisions. Clarkson Research Services Page iii Feb-15

Tanker Fleet By Age (Numbers) Total Tanker Age Profile (years) % Fleet Age Profile (years) No. vessels Fleet Ratios Age Profile 2 + 15-19 1-14 5-9 -4 2 + 15-19 1-14 5-9 -4 Feb 15yrs+/ O'bk/ Fleet 15yrs+ Total < 1, 32% 1% 11% 26% 21% 918 272 34 749 65 2,848 42% 11% 1,/14,999 11% 12% 8% 49% 19% 8 83 59 344 13 696 23% 12% 15,/19,999 12% 1% 14% 39% 25% 68 6 83 228 146 585 22% 52% 2,/24,999 18% 7% 27% 32% 17% 16 6 24 29 15 9 24% 118% 25,/29,999 31% 3% 15% 23% 28% 44 5 21 33 41 144 34% 71% Total 1-29,999 14% 1% 12% 42% 22% 28 154 187 634 332 1,515 24% 41% 3,/34,999 12% 19% 29% 25% 16% 18 29 44 38 24 153 31% 62% 35,/39,999 1% 1% 3% 36% 14% 42 43 123 15 56 414 21% 74% 4,/44,999 15% 15% 29% 36% 5% 36 35 67 83 12 233 3% 23% 45,/49,999 4% 11% 2% 38% 27% 31 93 161 311 226 822 15% 45% 5,/59,999 2% 1% 5% 47% 6 4 183 174 367 2% 3133% Total 3-59,999 7% 1% 2% 38% 25% 133 2 399 765 492 1,989 17% 16% Total 1-59,999 1% 1% 17% 4% 24% 341 354 586 1399 824 3,54 2% 72% 6,/69,999 17% 8% 37% 33% 5% 14 7 31 28 4 84 25% 1% 7,/79,999 2% 17% 56% 25% 6 57 184 82 329 2% 667% Total Panamax 3% 3% 21% 51% 21% 14 13 88 212 86 413 7% 156% 8,/89,999 29% 12% 24% 35% 5 2 4 6 17 41% 9,/99,999 32% 44% 22% 1% 1% 25 34 17 1 1 78 76% 1,/119,999 1% 1% 22% 42% 25% 5 79 18 334 24 82 1% 13% Total Aframax 4% 13% 22% 37% 24% 35 115 21 335 211 897 17% 73% 12,/159,999 4% 14% 23% 22% 37% 17 59 97 95 156 424 18% 71% 16,/199,999 22% 57% 21% 15 39 14 68 Total Suezmax 3% 12% 23% 27% 35% 17 59 112 134 17 492 15% 89% 2,/254,999 255,/319,999 2% 12% 28% 27% 31% 9 67 165 158 183 582 13% 89% 32, &+ 6% 23% 72% 3 12 38 53 Total VL/ULCC 1% 11% 26% 27% 35% 9 67 168 17 221 635 12% 122% TOTAL 1,+ 7% 1% 19% 38% 25% 416 68 1155 225 1512 5,941 17% 79% Product Tanker Age Profile (years) % Fleet Age Profile (years) No. vessels Fleet Ratios Age Profile 2 + 15-19 1-14 5-9 -4 2 + 15-19 1-14 5-9 -4 Feb 15yrs+/ O'bk/ Fleet 15yrs+ Total < 1, 4% 8% 8% 2% 24% 413 85 8 28 249 135 48% 14% 1,/14,999 29% 12% 6% 3% 22% 45 19 1 46 34 154 42% 15,/19,999 39% 13% 13% 14% 2% 38 13 13 14 19 97 53% 6% 2,/24,999 54% 8% 31% 8% 7 1 4 1 13 62% 25% 25,/29,999 71% 8% 6% 15% 37 4 3 8 52 79% 5% Total 1-29,999 4% 12% 8% 2% 2% 127 37 26 64 62 316 52% 4% 3,/34,999 17% 21% 39% 16% 7% 12 15 27 11 5 7 39% 33% 35,/39,999 8% 4% 33% 41% 14% 27 14 18 136 46 331 12% 39% 4,/44,999 17% 13% 29% 36% 6% 33 25 56 71 11 196 3% 28% 45,/49,999 4% 12% 2% 38% 26% 3 83 144 274 187 718 16% 46% 5,/59,999 1% 1% 51% 47% 3 4 18 167 354 1% 5967% Total 3-59,999 6% 8% 2% 4% 25% 15 137 339 672 416 1669 14% 112% Total 1-59,999 12% 9% 18% 37% 24% 232 174 365 736 478 1985 2% 69% 6,/69,999 16% 5% 35% 35% 8% 6 2 13 13 3 37 22% 7,/79,999 2% 16% 56% 27% 5 45 161 78 289 2% 72% Total Panamax 2% 2% 18% 53% 25% 6 7 58 174 81 326 4% 18% 8,/89,999 56% 11% 33% 5 1 3 9 67% 9,/99,999 5% 55% 4% 1 11 8 2 6% 1,/119,999 6% 11% 48% 36% 14 25 111 83 233 6% 471% Total Aframax 2% 1% 13% 42% 33% 6 26 33 111 86 262 12% 26% 12,/159,999 13% 5% 13% 25% 1 4 1 2 8 13% 2% 16,/199,999 33% 67% 1 2 3 Total Suezmax 9% 45% 27% 18% 1 5 3 2 11 9% 2% 2,/254,999 255,/319,999 32, &+ Total VL/ULCC TOTAL 1,+ 9% 8% 18% 4% 25% 245 27 461 124 647 2,584 17% 43% Fleet statistics shown are in dwt divisions. Clarkson Research Services Page iv Feb-15

Tanker Fleet By Age (Dwt) Total Tanker Age Profile (years) % Fleet Age Profile (years) Million Dwt Fleet Ratios Age Profile 2 + 15-19 1-14 5-9 -4 2 + 15-19 1-14 5-9 -4 Feb 15yrs+/ O'bk/ Fleet 15yrs+ Total < 1, 27% 1% 11% 28% 24% 4.1 1.5 1.7 4.3 3.7 15.4 37% 1% 1,/14,999 11% 11% 8% 5% 19% 1. 1..7 4.3 1.6 8.7 23% 12% 15,/19,999 11% 1% 14% 39% 25% 1.2 1. 1.5 4.2 2.6 1.6 21% 56% 2,/24,999 18% 6% 27% 32% 16%.4.1.5.6.3 2. 25% 122% 25,/29,999 33% 4% 14% 22% 27% 1.3.1.6.9 1.1 4. 36% 62% Total 1-29,999 15% 9% 13% 4% 23% 3.8 2.3 3.4 1. 5.7 25.2 24% 49% 3,/34,999 11% 19% 29% 25% 15%.6.9 1.5 1.3.8 5. 3% 64% 35,/39,999 1% 1% 29% 36% 14% 1.6 1.6 4.6 5.6 2.1 15.5 2% 75% 4,/44,999 15% 16% 29% 35% 5% 1.5 1.5 2.8 3.4.5 9.8 31% 22% 45,/49,999 4% 11% 19% 38% 28% 1.4 4.3 7.5 14.6 1.9 38.8 15% 48% 5,/59,999 2% 1% 5% 47%.3.2 9.4 8.9 18.8 2% 2987% Total 3-59,999 6% 9% 19% 39% 26% 5.4 8.3 16.6 34.3 23.2 87.8 16% 118% Total 1-59,999 8% 9% 18% 39% 26% 9.2 1.6 19.9 44.3 28.9 113. 18% 96% 6,/69,999 16% 9% 38% 32% 5%.9.5 2.1 1.8.3 5.6 25% 9% 7,/79,999 2% 17% 56% 25%.4 4.1 13.6 6.1 24.3 2% 667% Total Panamax 3% 3% 21% 52% 21%.9.9 6.2 15.4 6.4 29.9 6% 166% 8,/89,999 29% 12% 23% 36%.4.2.3.5 1.5 41% 9,/99,999 32% 44% 22% 1% 1% 2.4 3.3 1.7.1.1 7.6 76% 1,/119,999 1% 1% 22% 42% 26%.5 8.4 19.4 36.6 22.7 87.6 1% 137% Total Aframax 3% 12% 22% 38% 24% 3.4 11.9 21.4 36.7 23.3 96.7 16% 8% 12,/159,999 4% 13% 23% 23% 37% 2.4 8.6 14.9 14.8 24.2 65. 17% 76% 16,/199,999 22% 58% 2% 2.5 6.5 2.3 11.2 Total Suezmax 3% 11% 23% 28% 35% 2.4 8.6 17.4 21.3 26.5 76.2 14% 96% 2,/254,999 255,/319,999 1% 11% 28% 27% 32% 2.6 2. 5. 48.7 56.6 177.9 13% 93% 32, &+ 7% 22% 71% 1.2 3.9 12.2 17.2 Total VL/ULCC 1% 1% 26% 27% 35% 2.6 2. 51.2 52.6 68.8 195.2 12% 128% TOTAL 1,+ 4% 1% 23% 33% 3% 18.5 52.1 116.2 17.3 153.8 511. 14% 15% Product Tanker Age Profile (years) % Fleet Age Profile (years) Million Dwt Fleet Ratios Age Profile 2 + 15-19 1-14 5-9 -4 2 + 15-19 1-14 5-9 -4 Feb 15yrs+/ O'bk/ Fleet 15yrs+ Total < 1, 36% 8% 7% 22% 26% 2.3.5.5 1.4 1.7 6.3 44% 1% 1,/14,999 29% 13% 6% 3% 22%.6.2.1.6.4 1.9 42% 15,/19,999 39% 13% 14% 14% 2%.7.2.2.2.3 1.7 52% 6% 2,/24,999 53% 7% 32% 8%.2..1..3 6% 27% 25,/29,999 72% 8% 5% 15% 1.1.1.1.2 1.5 79% 5% Total 1-29,999 46% 11% 8% 17% 18% 2.5.6.4.9 1. 5.4 57% 5% 3,/34,999 16% 21% 4% 16% 7%.4.5.9.4.2 2.3 37% 35% 35,/39,999 8% 4% 32% 41% 14% 1..5 4. 5.1 1.8 12.4 12% 4% 4,/44,999 17% 13% 29% 36% 5% 1.4 1.1 2.3 2.9.4 8.2 3% 26% 45,/49,999 4% 11% 2% 38% 27% 1.4 3.9 6.7 12.9 9.1 34. 15% 49% 5,/59,999 1% 1% 51% 47%.2.2 9.2 8.5 18.1 1% 5575% Total 3-59,999 6% 8% 19% 41% 27% 4.3 5.9 14.2 3.5 2. 75. 14% 128% Total 1-59,999 8% 8% 18% 39% 26% 6.8 6.5 14.6 31.4 21. 8.4 17% 1% 6,/69,999 16% 6% 36% 35% 8%.4.1.9.8.2 2.5 21% 7,/79,999 2% 15% 56% 27%.4 3.3 11.9 5.8 21.4 2% 716% Total Panamax 2% 2% 17% 54% 25%.4.5 4.2 12.8 6. 23.9 4% 295% 8,/89,999 56% 11% 33%.4.1.3.8 67% 9,/99,999 5% 55% 4%.1 1.1.8 2. 6% 1,/119,999 6% 1% 48% 36% 1.5 2.7 12.2 9.3 25.6 6% 5% Total Aframax 2% 9% 12% 43% 34%.5 2.7 3.5 12.2 9.5 28.4 11% 233% 12,/159,999 1% 52% 13% 25%.1.6.2.3 1.2 1% 261% 16,/199,999 33% 67%.2.3.5 Total Suezmax 7% 47% 28% 18%.1.8.5.3 1.7 7% 261% 2,/254,999 255,/319,999 32, &+ Total VL/ULCC TOTAL 1,+ 6% 7% 17% 42% 27% 7.8 9.7 23.1 56.9 36.8 134.3 13% 135% Fleet statistics shown are in dwt divisions. Clarkson Research Services Page v Feb-15

Tanker Orderbook Total Tanker No. vessels, end: No. vessels, start: Orderbook for Delivery in: Orderbook 214 Oct Nov Dec Jan Feb % Flt '15 '16 '17+ Total < 1, 239 182 126 136 132 128 126 126 4% 111 15 1,/14,999 2 17 2 24 21 2 2 19 3% 11 8 15,/19,999 38 58 68 69 68 68 68 67 11% 3 29 8 2,/24,999 4 15 26 26 26 26 26 26 29% 8 9 9 25,/29,999 12 9 36 34 36 36 36 35 24% 9 12 14 Total 1-29,999 74 99 15 153 151 15 15 147 1% 58 58 31 3,/34,999 9 14 3 3 3 3 3 29 19% 5 14 1 35,/39,999 25 63 65 69 69 66 65 63 15% 34 2 9 4,/44,999 3 8 16 13 16 16 16 16 7% 9 7 45,/49,999 12 117 61 75 69 63 61 56 7% 41 14 1 5,/59,999 81 197 198 29 24 2 198 188 51% 11 8 7 Total 3-59,999 238 399 37 396 388 375 37 352 18% 181 137 34 Total 1-59,999 312 498 52 549 539 525 52 499 14% 239 195 65 6,/69,999 2 2 2 2 2 2 2% 2 7,/79,999 34 22 41 34 38 38 41 4 12% 7 27 6 Total Panamax 34 22 43 36 4 4 43 42 1% 7 29 6 8,/89,999 2 9,/99,999 1,/119,999 56 115 113 113 115 18 113 19 14% 48 41 2 Total Aframax 58 115 113 113 115 18 113 19 12% 48 41 2 12,/159,999 78 5 54 47 48 46 54 54 13% 14 18 22 16,/199,999 6 4 14 8 12 12 14 14 21% 1 4 Total Suezmax 84 54 68 55 6 58 68 68 14% 14 28 26 2,/254,999 255,/319,999 55 58 66 73 72 66 66 68 12% 22 34 12 32, &+ 3 28 26 26 26 26 26 25 47% 5 18 2 Total VL/ULCC 85 86 92 99 98 92 92 93 15% 27 52 14 TOTAL 1,+ 573 775 836 852 852 823 836 811 14% 335 345 131 Product Tanker No. vessels, end: No. vessels, start: Orderbook for Delivery in: Orderbook 214 Oct Nov Dec Jan Feb % Flt '15 '16 '17+ Total < 1, 117 81 68 69 68 68 68 68 7% 68 1,/14,999 5 3 2 15,/19,999 6 8 3 6 6 4 3 3 3% 3 2,/24,999 1 2 2 2 2 2 2 2 15% 2 25,/29,999 2 2 2 2 2 2 2 2 4% 1 1 Total 1-29,999 14 15 7 12 1 8 7 7 2% 6 1 3,/34,999 9 9 9 9 9 9 13% 4 5 35,/39,999 19 34 18 24 22 19 18 16 5% 9 6 1 4,/44,999 3 8 16 13 16 16 16 16 8% 9 7 45,/49,999 111 112 56 69 64 58 56 52 7% 41 1 1 5,/59,999 81 191 189 2 195 191 189 179 51% 1 72 7 Total 3-59,999 214 345 288 315 36 293 288 272 16% 15 11 21 Total 1-59,999 228 36 295 327 316 31 295 279 14% 156 11 22 6,/69,999 7,/79,999 28 17 37 29 33 33 37 36 12% 4 26 6 Total Panamax 28 17 37 29 33 33 37 36 11% 4 26 6 8,/89,999 2 9,/99,999 1,/119,999 14 71 7 68 71 64 7 66 28% 38 21 7 Total Aframax 16 71 7 68 71 64 7 66 25% 38 21 7 12,/159,999 1 2 25% 2 16,/199,999 Total Suezmax 1 2 18% 2 2,/254,999 255,/319,999 32, &+ Total VL/ULCC TOTAL 1,+ 273 448 42 424 42 398 42 383 15% 198 148 37 Fleet statistics shown are in dwt divisions. Clarkson Research Services Page vi Feb-15

Tanker Orderbook Total Tanker Million Dwt, end: Million Dwt, start: Orderbook for Delivery in: Orderbook 214 Oct Nov Dec Jan Feb % Flt '15 '16 '17+ Total < 1, 1.3.9.6.6.6.6.6.6 4%.5.1 1,/14,999.3.2.3.3.3.3.3.2 3%.1.1 15,/19,999.7 1.1 1.3 1.3 1.3 1.3 1.3 1.3 12%.6.5.2 2,/24,999.1.3.6.6.6.6.6.6 3%.2.2.2 25,/29,999.3.2.9.9.9.9.9.9 22%.2.3.4 Total 1-29,999 1.4 1.9 3. 3.1 3.1 3. 3. 3. 12% 1.1 1.1.7 3,/34,999.3.5 1. 1. 1. 1. 1..9 19%.2.5.3 35,/39,999.9 2.4 2.4 2.6 2.6 2.5 2.4 2.4 15% 1.3.8.3 4,/44,999.1.3.7.5.7.7.7.7 7%.4.3 45,/49,999 5.8 5.8 3. 3.7 3.4 3.1 3. 2.8 7% 2..7. 5,/59,999 4.1 9.9 1. 1.5 1.3 1.1 1. 9.4 5% 5.1 4..4 Total 3-59,999 11.3 18.9 17. 18.3 17.9 17.3 17. 16.2 18% 8.5 6.3 1.3 Total 1-59,999 12.6 2.8 2.1 21.4 2.9 2.3 2.1 19.2 17% 9.6 7.5 2.1 6,/69,999.1.1.1.1.1.1 2%.1 7,/79,999 2.5 1.6 3. 2.5 2.8 2.8 3. 2.9 12%.5 2..4 Total Panamax 2.5 1.6 3.1 2.6 2.9 2.9 3.1 3.1 1%.5 2.1.4 8,/89,999.2 9,/99,999 1,/119,999 6.2 12.9 12.7 12.7 12.9 12.1 12.7 12.2 14% 5.4 4.6 2.3 Total Aframax 6.4 12.9 12.7 12.7 12.9 12.1 12.7 12.2 13% 5.4 4.6 2.3 12,/159,999 12. 7.8 8.4 7.3 7.4 7.1 8.4 8.4 13% 2.1 2.8 3.4 16,/199,999 1..6 2.3 1.3 1.9 1.9 2.3 2.3 2% 1.6.7 Total Suezmax 13. 8.4 1.6 8.6 9.4 9. 1.6 1.6 14% 2.1 4.4 4.1 2,/254,999 255,/319,999 17.2 18. 2.3 22.5 22.2 2.3 2.3 21. 12% 6.8 1.4 3.7 32, &+ 9.6 9. 8.3 8.3 8.3 8.3 8.3 8. 46% 1.6 5.8.6 Total VL/ULCC 26.8 27. 28.6 3.9 3.5 28.6 28.6 29. 15% 8.4 16.2 4.4 TOTAL 1,+ 61.3 7.6 75.2 76.1 76.7 73. 75.2 74. 14% 26.1 34.7 13.2 Product Tanker Million Dwt, end: Million Dwt, start: Orderbook for Delivery in: Orderbook 214 Oct Nov Dec Jan Feb % Flt '15 '16 '17+ Total < 1,.6.4.3.3.3.3.3.3 4%.3 1,/14,999.1.. 15,/19,999.1.1.1.1.1.1.1.1 3%.1 2,/24,999........ 16%. 25,/29,999.1.1.1.1.1.1.1.1 4%.. Total 1-29,999.2.3.2.2.2.2.2.2 3%.1. 3,/34,999.3.3.3.3.3.3 13%.1.2 35,/39,999.7 1.3.7.9.8.7.7.6 5%.3.2. 4,/44,999.1.3.7.5.7.7.7.7 8%.4.3 45,/49,999 5.4 5.5 2.8 3.4 3.2 2.9 2.8 2.6 8% 2..5. 5,/59,999 4.1 9.6 9.5 1.1 9.8 9.6 9.5 9. 5% 5. 3.6.4 Total 3-59,999 1.4 16.8 13.9 15.2 14.8 14.1 13.9 13.1 18% 7.4 4.9.9 Total 1-59,999 1.6 17.1 14.1 15.4 15. 14.3 14.1 13.3 17% 7.5 4.9.9 6,/69,999 7,/79,999 2.1 1.2 2.7 2.1 2.4 2.4 2.7 2.6 12%.3 1.9.4 Total Panamax 2.1 1.2 2.7 2.1 2.4 2.4 2.7 2.6 11%.3 1.9.4 8,/89,999.2 9,/99,999 1,/119,999 1.6 8. 7.9 7.7 8. 7.2 7.9 7.4 29% 4.3 2.4.8 Total Aframax 1.7 8. 7.9 7.7 8. 7.2 7.9 7.4 26% 4.3 2.4.8 12,/159,999.1.3 26%.3 16,/199,999 Total Suezmax.1.3 19%.3 2,/254,999-255,/319,999-32, &+ - Total VL/ULCC - TOTAL 1,+ 14.6 26.3 24.7 25.3 25.4 24. 24.7 23.7 18% 12.1 9.1 2.5 Fleet statistics shown are in dwt divisions. Clarkson Research Services Page vii Feb-15

Tanker Fleet Characteristics Total Tanker Avg. Size/Age Speed/Cons Dimensions (m.) Hull/Tanks Fleet Details Dwt Years Knots t/day LOA Beam Draft ' bbls Coated Total < 1, 5,393 14.7 12.5 11.2 11.5 15.7 6.1 38 88% 1,/14,999 12,466 1.4 13.4 17.6 13.1 2.2 8.3 85 95% 15,/19,999 18,67 1.2 14.4 21.7 147.7 23.4 9.1 125 92% 2,/24,999 22,9 12.3 14.8 26.6 158.4 24.6 9.7 15 97% 25,/29,999 27,492 13.1 14.9 27.6 17. 27. 1.1 22 92% Total 1-29,999 16,629 1.7 14. 2.3 142.3 22.3 8.9 115 93% 3,/34,999 32,553 12.2 15.1 3. 176.8 27.8 1.9 225 91% 35,/39,999 37,489 11. 14.7 32.4 181.6 28.7 11.2 259 98% 4,/44,999 41,916 12.6 14.7 3.9 181.1 31.4 11.3 29 96% 45,/49,999 47,172 8.5 14.8 32.4 182.9 32.2 12.4 326 1% 5,/59,999 51,15 5.4 14.7 32.5 184.4 32.2 13. 332 99% Total 3-59,999 44,15 9.2 14.8 32. 182.2 31. 12. 31 98% Total 1-59,999 32,251 9.9 14.4 26.5 165. 27.3 1.7 223 96% 6,/69,999 66,714 13.2 14.7 38.7 222. 33.4 12.9 496 45% 7,/79,999 73,869 7.2 15. 42.4 228.6 32.5 14.2 57 88% Total Panamax 72,413 8.4 14.9 41.5 227.2 32.7 13.9 55 8% 8,/89,999 85,374 13.9 14.7 37.4 235.9 38.8 14.1 583 53% 9,/99,999 97,526 18. 14.6 47.9 243.3 42.4 13.8 684 26% 1,/119,999 19,24 8.2 15. 49.7 245. 42.7 14.9 766 29% Total Aframax 17,769 9.2 14.9 49.2 244.7 42.6 14.8 756 3% 12,/159,999 153,275 8.8 15.1 64.4 273.5 47.6 16.7 1,45 2% 16,/199,999 165,46 7.8 15.2 66.9 275.8 49.6 17. 1,11 6% Total Suezmax 154,951 8.7 15.2 64.8 273.8 47.9 16.7 1,53 3% 2,/254,999 #DIV/! #DIV/! #DIV/! #DIV/! #DIV/! #DIV/! #DIV/! #DIV/! #DIV/! 255,/319,999 35,734 8.8 15.7 92.8 332.3 59.5 21.6 2,86 32, &+ 325,41 3.8 16.3 111. 334.4 6.3 22.4 2,186 Total VL/ULCC 37,376 8.3 15.7 93.9 332.5 59.5 21.7 2,94 TOTAL 1,+ 86,13 9.4 14.7 41.4 28.3 35.1 13.2 583 67% Product Tanker Avg. Size/Age Speed/Cons Dimensions (m.) Hull/Tanks Fleet Details Dwt Years Knots t/day LOA Beam Draft ' bbls IMO III Total < 1, 6,13 16.3 12.1 11.1 18.1 16.5 6.2 43 22% 1,/14,999 12,287 15.1 12.5 16.8 135.2 19.8 7.8 86 13% 15,/19,999 17,79 17.7 14. 22. 156.9 24.3 8.4 133 18% 2,/24,999 22,263 19.4 14.8 22.5 163.2 25.6 9.4 142 8% 25,/29,999 29,1 21.7 14.8 25.7 176.2 27.5 1.1 232 15% Total 1-29,999 17,112 17.2 13.4 2.1 149.7 22.7 8.4 127 14% 3,/34,999 32,773 14.5 15.3 28.9 179.8 27.9 11.1 225 23% 35,/39,999 37,532 1.1 14.5 29.3 181.9 28.2 11.2 26 56% 4,/44,999 41,682 12.6 14.7 3.5 18.6 31.3 11.2 289 58% 45,/49,999 47,316 8.5 14.7 32.2 182.9 32.2 12.4 327 31% 5,/59,999 51,148 5.2 14.7 32.3 184.4 32.2 13.1 332 46% Total 3-59,999 44,917 8.9 14.7 31.4 182.6 31.1 12.1 36 42% Total 1-59,999 4,491 1.2 14.5 29.5 177.4 29.8 11.5 282 38% 6,/69,999 66,57 12.3 14.8 39.3 216.4 34.4 12.8 544 14% 7,/79,999 74,17 6.9 15. 42.4 228.2 32.5 14.3 58 6% Total Panamax 73,164 7.6 15. 42. 226.8 32.7 14.1 512 7% 8,/89,999 84,771 17.5 14.5 38.2 233.1 37.8 14.2 582 9,/99,999 98,759 15.4 14.9 48.2 242.7 42.4 14. 76 5% 1,/119,999 11,53 6.5 15.1 52. 246.2 42.8 15. 824 1% Total Aframax 18,322 7.6 15.1 5.9 245.5 42.6 14.9 88 2% 12,/159,999 152,21 1.5 15.3 59. 271.1 47.9 16.5 1,49 16,/199,999 161,995 9.8 14.7 279.4 51. 16.2 1,87 Total Suezmax 154,879 1.3 15.1 59. 273.4 48.8 16.4 1,6 2,/254,999 255,/319,999 32, &+ Total VL/ULCC TOTAL 1,+ 51,977 9.6 14.6 33.1 19.9 31.5 12.2 369 3% Fleet statistics shown are in dwt divisions. Clarkson Research Services Page viii Feb-15

Financial and Economic Indicators 1 9 8 7 6 5 4 3 2 1 Jan-3 Index re-based at end-1998 as of June. Based on a basket of listed tanker shipping company prices. Oil Prices Clarkson Tanker Share Price Index Jan-4 Jan-5 Jan-6 Average Brent WTI Bonny Dubai Urals 61.5 61.6 63. 61.7 65.1 21 79.5 79.4 81.1 78.1 77.9 11.9 95.1 114.1 16.2 18.9 111.7 94.2 113.5 19.1 11.9 18.7 97.9 111.1 15.6 18.5 214 99.4 93.5 1.5 95.8 98.2 215* 49.1 48.2 49.9 45.4 47.9 Feb-14 18.9 1.8 11.5 15.1 18. Mar-14 18.5 1.8 11.3 14.7 17. Apr-14 17.9 12.3 19.9 14.9 16.9 May-14 11.4 12.1 112.3 15.6 17.9 Jun-14 112.1 15.8 113.8 18.6 19.5 Jul-14 16.9 13.9 18. 15.9 15.7 Aug-14 12. 97.6 13. 11.8 12.3 Sep-14 97.3 93.3 98.7 96.1 95.9 Oct-14 88.2 85.1 85.3 81.3 87.2 Nov-14 79.1 75.6 8.2 74.8 78.9 Dec-14 63.4 59.9 63.9 57.5 62. Jan-15 49.1 48.2 49.9 45.4 47.9 y-o-y % -55% -49% -54% -56% -55% Oil prices quoted in USD/bbl. Sahara oil price refers to Algeria, Sahara Blend. Bunker Prices Jan-7 Jan-8 Jan-9 Minas 64. 81.7 113.1 115.1 18.5 1.3 51.7 17.9 11.3 19.4 11. 112.5 19.6 14.7 99.4 88.8 79.1 64.7 51.7-52% Sahara 61.9 8. 111.9 111.4 19.2 99.3 49.3 11.2 18.4 18.1 11.4 111.9 16.3 11.7 97.6 84.6 79.3 63.1 49.3-55% Average 38 Cst, US$/tonne MGO, US$/tonne Latin Average U.S.A. China Japan India Europe Rott. Sing. Fuj. Hou. Rott. Sing. Fuj. Am. OECD 21 45.2 464.1 468.2 518.1 682.7 668.9 716.5-1.5% 13.% -3.2% 3.9% -1.4% 1.1% -1.8% 617.9 646.9 652.9 697. 944.5 94.9 122.1 21-9.8% 11.1% -21.8% 6.1% -13.1% -6.8% -13.3% 639.6 664.1 668.5 713.1 955.3 958.3 137.5 5.3% 15.7% 16.6% 1.% 7.% 8.7% 8.% 594.8 615.9 616.8 657.6 93.8 927.3 11.9 4.1% 13.7% -3.5% 3.9% 3.1% 2.1% 2.4% 214 532.1 559.7 561.8 65.8 816.6 856.7 96.4 3.5% 1.%.% 1.5% -2.7% -.5% -.1% 215* 268.9 313.3 316.6 294.6 52.7 532.5 779.3 Sep 4.3% 8.%.8% 2.5% -.2% -.5% 1.5% 3-Jan 244. 282.5 286. 267.5 467.5 485. 75. Oct 4.% 7.7% -1.% -4.2% -.2% -1.6% 1.1% 6-Feb 284. 336. 336.5 31. 517.5 549.5 85. Nov 5.2% 7.2% -3.7% 3.8% -1.1% -2.9%.7% 13-Feb 33.5 35.5 349. 317.5 55. 545. 787.5 Dec 4.9% 7.9%.3% 1.7% -.2% -.9% 1.6% 2-Feb 313. 372.5 37.5 342.5 556.5 575.5 778.5 Jan 4.8%.%.%.%.%.%.% *Averages are the mean of year-to-date figures. Economic and oil price data from various industry sources. Clarkson Research Services Page 15 Jan-1 end 1998 = 1 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 14 12 1 8 6 4 2 US$/bbl WTI Brent Industrial Production Financial News During January, the Clarkson Tanker Share price Index reached 551 points, although it since fell slightly to reach 517 points at the end of January. Saudi Arabia-based Bahri, who own a diverse fleet including 35 oil tankers of a combined 9.9m dwt following a merger with Saudi Aramco s Vela last year, reported profits of $32.9m (SAR 123.4m) in Q4 214. This is down from SAR 28.3m in Q3 214, largely reflecting a significant decline in contributions from Petredec, who own eight LPG carriers and are 3% owned by Bahri. However, Bahri s reported operating profit increased by 47% q-o-q, supported by higher tanker rates. It was announced in January that Tankships Investment, led by George Economou, has filed for a US IPO aimed at raising $15m. It is reported that if the listing is successful, the company will take control of ten ships currently owned by DryShips and Cardiff Marine, both overseen by Economou. Furthermore, Tankships will also move to take a further three Suezmax newbuildings from other businesses related to Economou. Tankships recently reported revenue of $151m in the 12 months to end September 214. Historical Oil Price Trends Brent Blend, 12/2/215 US$/bbl Spot Price 59.3 Futures Price Apr-15 59.3 Jul-15 62.3 Oct-15 64.8 Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Feb-15

Tanker Sale & Purchase Market Recently Reported Tanker Sales Type Vessel Name Date Dwt Hull Built Builder Price US$m Buyer Tanker Chapter Genta* Jan-15 156,493 D/Hull 21 Jiangsu Rongsheng 96. Clients of Frontline Tanker Roxen Star* Jan-15 156,436 D/Hull Jiangsu Rongsheng # Clients of Frontline TankChem Valpadana Jan-15 26,2 IMO III 22 Shina S.B. 13. Nigerian interests TankChem Rong Zhou Jan-15 13,898 IMO II/III 21 Zhejiang Chen Ye 1.5 Clients of Sino-Global Tanker Raissa Jan-15 17,83 D/Hull 214 Sainty SB (Yangzhou) Clients of Shorelink Tanker ST Charlotte Jan-15 12,497 D/Hull 26 Yardimci Deniz Clients of Vroon TankChem ST Dawn Jan-15 19,399 IMO II/III 2 Shin Kurushima 14.3 Clients of TPL Tanker Hellas Symphony Jan-15 46,168 D/Hull 2 Hyundai HI 1.5 Undisclosed interests TankChem Tosca Jan-15 47,436 IMO II 24 Brod. Trogir 18. Clients of Pareto Project Tanker Nord Star Jan-15 45,92 D/Hull Shin Kurushima 23. Clients of Benetech Tanker Nord Obtainer Jan-15 47,522 D/Hull 28 Onomichi Dockyd 19.5 Clients of Minerva Marine TankChem Caletta Jan-15 51,745 IMO III Hyundai Mipo 3. Greek interests TankChem Calafuria Jan-15 51,745 IMO III 21 Hyundai Mipo 3. Greek interests Tanker DS Voyager Jan-15 39,233 D/Hull 23 Samsung HI 42. Clients of NG Moundreas TankChem Cape Benat Jan-15 33,54 IMO III 1998 Admiralty S.Y. 9. Indian interests Tanker Challenge Premier Jan-15 45,897 D/Hull Shin Kurushima 16. Undisclosed interests TankChem Global Neptune Jan-15 13,34 IMO II/III 24 Higaki Zosen 12.5 European interests TankChem Maersk Christiansbro Jan-15 44,885 IMO III 1996 Halla Eng. 8. Indian interests Tanker Patris Jan-15 298,543 D/Hull 2 Daewoo 38.5 Clients of Modec * En bloc sales. # En Bloc price shown under first ship of bloc. Sale & Purchase Market News The guideline price for a 5-year old VLCC stood at $81m at the end of January, the highest value since August, and representing a 5% increase from the guideline price of $77m at the end of 214. Asset prices in all featured sectors increased by a similar extent during the month. As a result, the Secondhand Tanker Price Index rose to 131.3 points at the end of January. In January, there were two reported sales of VLCCs. Towards the start of the month clients of Modec purchased the 298,543 dwt, 2-built PATRIS for $38.5m. Meanwhile, clients of NG Moundreas reportedly paid $42m for the 23-built, 39,233 dwt DS VOYAGER. In the Suezmax sector, Frontline completed a transaction worth $96m for two vessels; the - built, 156,436 dwt ROXEN STAR and the 21-built, 156,493 dwt CHAPTER GENTA. Elsewhere, the -built CALETTA and the 21-built CALAFURIA product tankers, both 51,745 dwt, were sold to Greek interests for $3m per vessel. Sales Number of Sales Jan Volume 21 214 215* Tanker Type: VLCC 52 3 2 34 8 2 Suezmax 17 1 9 19 42 2 Aframax 33 48 35 42 69 2 Panamax 17 12 1 18 21 Handy 142 12 135 198 189 19 Tanker Total 261 22 29 311 41 25 5 Yr Old SH End Year Jan 27 25 23 21 19 17 15 13 11 9 7 6 5 4 3 Jan-3 Secondhand Tanker Price Index Jan ' = 1 Jan-4 Jan-5 Vessel no. Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Secondhand Sales Volume Jan-14 Jan-15 Prices $m 21 214 215 2 VLCC 31k dwt 85. 58. 57. 6. 77. 81. 1 Suezmax 16k dwt 59. 47. 4. 42. 57. 6. Aframax 15k dwt 4. 35. 27.5 32. 42. 46. Panamax 73k dwt 36. 31. 25. 31. 33.5 36. Products 47k dwt 26. 26. 25. 29. 25. 27. Products 37k dwt 24.5 22. 22. 25. 23. 26. SH Tanker Price Index 126.3 111.4 14.1 119.5 121.2 131.3 *Total sales in year up to month end. Clarkson Research Services Page 16 Feb-15 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15

Tanker Timecharter Market Latest Tanker Timecharter Fixtures Reported Charterer Vessel Name Built DWT Rate $/Day Delivery 3-Jan-15 Koch Ratna Namrata 28 15,83 1 Yr D $21,75 Feb 15 26-Jan-15 BG Elizabeth I A 24 36,344 2 Yrs/1 Yr D $42,5 Feb 15 22-Jan-15 Shell Front Century 1998 299,998 15 Mths D $42,5 Feb 15 21-Jan-15 Trafigura Cosglad Lake 297,388 1 Yr D $41, Feb 15 21-Jan-15 Frontline Miss Lucy 28 5,1 6 Mths/6 Mths/12 Mths C $15,15 Feb 15 21-Jan-15 Shell Victory 1 21 299,89 2 Yrs D $4,5 Feb 15 2-Jan-15 Clearlake Progress 1994 35,783 1 Yr D $36,5 Feb 15 19-Jan-15 Unipec Cosgold Lake 297,35 1 Yr D $42, Feb 15 16-Jan-15 Shell Front Vanguard 1998 3,58 15 Mths D $43, Feb 15 16-Jan-15 Koch Front Panther 214 115,161 1 Yr D $25, Feb 15 16-Jan-15 Koch Atina 215 159,5 2 Yrs D $29,5 Feb 15 16-Jan-15 Koch Front Puma 215 115, 1 Yr D $25, Feb 15 16-Jan-15 Koch Istanbul 215 158,4 2 Yrs D $29,5 Apr 15 14-Jan-15 Trafigura Four Smile 21 16,573 12-14 Mths D $29, Jan 15 13-Jan-15 Trafigura Genmar Victory 21 312,64 1 Yr D $38, Jan 15 13-Jan-15 Trafigura Genmar Vision 21 312,679 1 Yr D $38, Jan 15 13-Jan-15 Gunvor Arctic Blizzard 26 5,922 1A 6 Mths C $18, Jan 15 13-Jan-15 SK Energy Arenza Xxvii 2 38,596 1 Yr D $4,2 Jan 15 12-Jan-15 ST Shipping Montenero 26 4,156 1 Yr/12 Mths D $14,15 Feb 15 12-Jan-15 Trafigura Maersk Promise 26 19,647 18 Mths C $2,5 Jan 15 12-Jan-15 Lukoil Valtamed 24 158,69 1 Yr D $32, Feb 15 12-Jan-15 Shell Amantea 22 39,287 2 Yrs D $4,5 Feb 15 12-Jan-15 Shell Olympic Legacy 1996 32,789 2 Yrs D $39, Jan 15 12-Jan-15 Clearlake Good News 1999 299,984 1 Yr D $36,5 Jan 15 9-Jan-15 Koch Pioneer 1999 36,397 1 Yr/12 Mths D $39, Jan 15 8-Jan-15 Koch Nave Capella 5, Ext. 6 Mths/6 Mths C $15, Jan 15 8-Jan-15 CNR Nave Alderamin 5, 2 Yrs C $15,6 Jan 15 7-Jan-15 Litasco Front Falcon 22 39,64 6 Mths D $55, Jan 15 7-Jan-15 Trafigura Xin Run Yang 297,293 1 Yr D $36, Jan 15 6-Jan-15 Trafigura Evridiki 167,281 2 Yrs/1 Yr D $26,/$3, Jan 15 5-Jan-15 Koch Maran Cassiopeia 23 158,553 1 Yr/12 Mths D $28,/$32, Jan 15 1 Yr Timecharter Rates* Average VLCC Suezmax Aframax LR1 MR 37K dwt 21 37,962 28,377 18,731 16,64 13,16 11,528 24,947 19,587 15,457 14,745 13,668 12,221 22,125 17,356 13,639 12,995 13,514 12,317 19,837 16,14 13,288 14,981 14,351 13,63 214 28,115 22,712 17,538 15,88 14,63 13,774 215^ 46,6 32, 23, 19,65 15,25 13,65 Oct 31,1 24,9 19,7 16,3 14,3 13, Nov 32,125 28,25 21,25 17,813 14,813 13,125 Dec 36,5 32, 23, 19,25 15,375 13,25 Jan 46,6 32, 23, 19,65 15,25 13,65 3 Yr Timecharter Rates* Ice Class Average VLCC Suezmax Aframax LR1 MR 37K dwt 21 38,32 27,387 2,52 17,495 14,175 11,783 31,481 23,63 18,135 16,63 14,538 13,212 26,995 2,952 15,87 14,168 14,389 13,178 23,44 18,96 15,48 15,514 15,63 13,77 214 3,183 24,413 19,29 16,466 15,399 14,678 215^ 41,1 3, 23, 18, 15,25 14, Oct 34, 26,8 21,6 16,7 15, 14, Nov 34, 29,5 22,25 17,25 15, 14, Dec 34,625 3, 23, 18, 15,188 14, Jan 41,1 3, 23, 18, 15,25 14, * All rates are quoted in US$/day, and represent owners' expectations. ^ Year to date. Clarkson Research Services Page 17 Ext. Period D/C Timecharter Developments Date During January there was significant interest in chartering VLCCs for periods of around 6-12 months, in many cases reportedly to store crude oil after a relatively steep contango in the crude oil price developed. However, this increased level of interest and the continued firmness in the spot market contributed to VLCC timecharter rates firming notably throughout the month, which in combination with a lessening of the steepness of the oil price contango reduced interest in storage activities into February. Interest in fixing tankers for storage was only focussed in the VLCC sector, given the greater economies of scale and lower cost per barrel of storing oil than on relatively smaller crude tankers. The oil price contango would need to steepen further before it would appear to be economically viable to store crude on a Suezmax tanker. Overall, benchmark 1 year VLCC timecharter rates increased 28% m-o-m to average $46,6/day in January, but have eased back slightly during the first few weeks of February. Average one and three year timecharter rates in all other crude tanker sectors remained steady m-o-m in January. Meanwhile, the average one year timecharter rate for an LR1 tanker rose marginally in January to $19,65/day, up by 2% m-o-m. This represents the fifth consecutive m-o-m increase, and the highest monthly average rate since April, with the rate having risen by around 3% since mid-214. Meanwhile, the average one year MR timecharter rate fell marginally m-o-m in January to stand at $15,25/day. Feb-15

Global Oil Supply 4% 3% 2% 1% % -1% -2% -3% Middle Eastern Trend & Producers 28 21 214 215 Outlook Saudi Arabia 8.7 9.3 8.3 8.9 9.5 9.8 9.7 9.8 9.7 STEADY... -2% Iran 4. 4.2 4.2 4.2 4.2 3.5 3.2 3.2 3.3 STEADY... 2% UAE 2.6 2.7 2.4 2.4 2.7 2.8 2.8 2.9 3.1 FIRM... 5% Kuwait 2.6 2.7 2.5 2.5 2.7 2.8 2.8 2.8 2.8 STEADY... % Iraq 2.1 2.4 2.4 2.4 2.6 3. 3.1 3.2 3.4 FIRM... 5% Others 4.7 4.9 5.1 5.6 5.8 5.9 5.9 5.8 5.8 STEADY... % Total 24.8 26.2 24.8 26. 27.5 27.8 27.4 27.8 28. STEADY... 1% N. & S. American Million Barrels Per Day Trend & Producers 28 21 214 215 Outlook United States 6.9 6.8 7.3 7.6 7.9 8.9 1. 11.4 12.2 FIRM... 8% Canada 2.6 2.6 2.6 2.7 2.9 3.1 3.3 3.5 3.7 FIRM... 4% Mexico 3.5 3.2 3. 3. 2.9 2.9 2.9 2.8 2.8 STEADY... -1% Total North America 13.7 13.2 13.5 13.8 14.3 15.6 16.9 18.3 19.3 FIRM... 5% Venezuela 2.7 2.6 2.5 2.4 2.5 2.5 2.5 2.5 2.5 STEADY... % Brazil 1.7 1.8 2. 2.1 2.1 2.1 2. 2.1 2.2 FIRM... 4% Total Latin America 6.6 6.7 6.8 6.9 7.1 7.1 7.1 7.1 7.2 STEADY... 1% Total Americas 2.3 19.9 2.3 2.8 21.4 22.6 24. 25.5 26.5 FIRM... 4% Other Major Global Oil Supply Growth Million Barrels Per Day Million Barrels Per Day Commentary % growth Following on from estimated growth of 1.5% y-o-y in 214, global oil supply is expected to increase by a further 1.7% in 215 to reach 93.7m bpd. Global 3.1% production growth is expected to be largely supported by a 5% rise in total North American output, which is expected to contribute an additional 1.m bpd of 1.7% 1.8% 1.4% 1.5% 1.7% production. Meanwhile, it is expected that Latin American production will rise 1% to 7.2m bpd, largely on the back of increased output in Brazil where production is.7% projected to rise 4% to 2.2m bpd in 215. This is.4% expected to be partially driven by a ramp up of production.2% across several offshore pre-salt fields that commenced.% production in 214. Brazilian state-owned producer, Petrobras, recently announced that these fields remained -.7% financially viable at around $5/bbl. Russian oil output is currently expected to remain steady in 215 to stand at 11.m bpd. The projected lack of growth in Russian production is largely due to the continuation of western sanctions, which have affected the ability of several producers to continue to invest in sustaining high levels of output across several mature fields, notably in central Siberia. Elsewhere, total African production is projected to grow 3% to 8.6m bpd in 215. 26 28 21 214e 215f Trend & Producers 28 21 214 215 Outlook Nigeria 2.3 2.2 2.2 2.5 2.6 2.5 2.4 2.3 2.2 STEADY... -2% Libya 1.8 1.9 1.8 1.8.5 1.5 1..4.5 FIRMER... 4% Algeria 1.7 1.7 1.6 1.5 1.5 1.5 1.5 1.5 1.4 STEADY... -1% Angola 1.7 2. 1.9 1.9 1.8 1.8 1.9 1.9 1.9 STEADY... 3% Total Africa 1.3 1.4 1.3 1.5 9.1 9.8 9.1 8.4 8.6 STEADY... 3% Norway 2.3 2.2 2.1 1.9 1.8 1.6 1.5 1.6 1.6 STEADY... % UK 1.4 1.3 1.3 1.2 1..8.8.8.8 STEADY... -1% North Sea Total 4.1 3.9 3.7 3.4 3. 2.7 2.6 2.6 2.6 STEADY... % Russia 1.1 1. 1.2 1.5 1.7 1.7 1.9 11. 11. STEADY... % Other FSU (excl. Russia) 2.7 2.8 3. 3.1 3.1 3. 3. 2.9 2.9 STEADY... -2% China 3.7 3.8 3.8 4.1 4.1 4.1 4.2 4.2 4.2 STEADY... % Others 8.8 9.2 9.5 9.9 9.9 9.7 9.6 9.7 9.9 STEADY... 2% Global Million Barrels Per Day Trend & Total 28 21 214 215 Outlook Total # 84.9 86.1 85.5 88.2 88.8 9.4 9.8 92.1 93.7 STEADY... 2% % Change.% 1.4% -.7% 3.1%.7% 1.8%.4% 1.5% 1.7% Note: Global total supply includes NGLs, lease condensates, refinery gains and other liquids, regional totals include crude, lease condensates and NGLs. Clarkson Research Services Page 18 Feb-15

Refinery Capacity 2. 1.5 1..5. -.5-1. North Regional Refinery Capacity Growth Commentary America 21 214 215 216 217 215 216 217 USA 17.8 17.8 17.9 17.2 18.1 18. 18. 18.1 18.1.1%.4%.% Canada 2. 2. 1.9 1.9 1.9 2. 2. 2. 2.1.%.% 2.5% Mexico 1.5 1.5 1.5 1.5 1.5 1.5 1.7 1.7 1.9 9.7%.% 14.8% E. & West Europe 21 214 215 216 217 215 216 217 OECD Europe 15.9 15.6 15.4 15. 14.5 14.3 14.3 14.3 14.5.2%.% 1.5% of which EU-4 8.6 8.4 8.2 7.9 7.4 7. 7. 7. 7..%.%.% Non-OECD Europe* 1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2.%.%.% Middle East 21 214 215 216 217 215 216 217 Saudi Arabia 2.1 2.1 2.1 2.1 2.5 2.9 2.9 3.3 3.3.% 13.8%.% Kuwait.9.9.9.9.9.9.9.9.9.%.%.% Iran 1.5 1.5 1.5 1.5 1.2 1.2 1.3 1.3 1.3 1.3%.%.% U.A.E..8.8.8.8.8 1.2 1.2 1.7 1.7.% 42.6%.% Others 1.3 1.5 1.5 1.5 1.5 1.5 1.9 2.1 2.1 3.9% 7.7%.% Total 6.6 6.7 6.7 6.7 6.8 7.6 8.2 9.2 9.2 7.5% 12.8%.% Asia m. bpd Bars represent year-on-year capacity changes North America 214 215 216 217 Western Europe 214 215 216 217 Middle East 214 215 216 217 Asia 214 215 216 217 Globally, refinery capacity increased 2.2% y-o-y in 214 to 96.8m bpd. A similar pace of growth is expected in 215, taking global refinery capacity to 99.2m bpd, largely driven by non-oecd expansion. Meanwhile, in the OECD, US refinery capacity stood at 18.m bpd at the end of 214, the largest capacity of any country globally. In the first 11 months of 214, US refinery utilisation averaged roughly 9%, representing a 2% y-o-y increase and the highest level since, when utilisation averaged 91%. Looking to 215, US refinery capacity is expected to increase marginally during the year. Elsewhere, Venezuelan refinery capacity is expected to stand at 1.3m bpd by the end of 215, representing the second greatest capacity of any Latin American country after Brazil. However, there have been a series of issues affecting the Venezuelan refinery sector in recent months. Towards the end of 214 there was a major blackout at the Amuay and Cardon refineries, which took 955, bpd of capacity offline for several days. In January 215, it was announced that the 146, bpd facility at El Palito will undergo major maintenance in 215, which is likely to take the plant offline for a significant proportion of the year. PDVSA have previously stated that they plan to double capacity at El Palito by 217. Total Refinery Capacity (M Bpd) Projected Capacity Growth Total Refinery Capacity (M Bpd) Projected Capacity Growth Total Refinery Capacity (M Bpd) Projected Capacity Growth Total Refinery Capacity (M Bpd) Projected Capacity Growth 21 214 215 216 217 215 216 217 China 9.5 1.3 1.8 11.9 12.6 13.4 13.9 13.9 13.9 3.7%.%.% Japan 4.6 4.7 4.7 4.8 4.4 4.2 4.2 4.2 4.2.%.%.% India 2.8 4. 4.1 4.3 4.3 4.6 4.9 5.3 5.4 4.7% 9.3% 1.9% South Korea 2.7 2.7 2.8 3. 3. 3. 3. 3. 3..%.%.% Singapore 1.4 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.3.%.%.% Others 4.2 4.4 4.3 4.3 4.4 4.4 4.6 4.9 5.1 4.6% 6.5% 4.1% Total 25.2 27.5 28.1 29.6 3.1 3.9 31.8 32.6 32.9 3.% 2.4%.9% Others & Total Refinery Capacity (M Bpd) Projected Capacity Growth Total 21 214 215 216 217 215 216 217 FSU 8.3 8.3 8.3 8.4 8.4 8.4 8.5 8.5 8.5 1.1%.%.% Brazil 1.9 1.9 1.9 1.9 1.9 1.9 2.1 2.4 2.7 14.% 14.% 12.3% Others 9.4 9.4 8.8 1.4 1.2 1.9 11.4 11.8 12.1 3.5% 3.5% 2.5% Global Total # 89.9 91.9 91.8 93.9 94.7 96.8 99.2 11.8 13.2 2.5% 2.6% 1.4% Growth Rate 2.6% 2.2% -.2% 2.3%.8% 2.2% *Excluding FSU. Clarkson Research Services Page 19 Feb-15

Global Oil Demand 5% 4% 3% 2% 1% % -1% -2% -3% North Global Oil Demand Growth Commentary Trend & America 28 21 214 215 Outlook United States 19.8 19.1 19.5 19. 18.5 19. 19. 19.2 STEADY... 1% Canada 2.3 2.2 2.3 2.3 2.4 2.4 2.4 2.4 STEADY... % Mexico 2.2 2.1 2.1 2.1 2.1 2. 2. 2. STEADY... % Total 24.2 23.3 23.9 23.4 23. 23.4 23.4 23.6 STEADY... 1% OECD Trend & Europe 28 21 214 215 Outlook Big 5 9.4 8.9 8.9 8.6 8.4 8.2 8.1 8. STEADY... -1% Total OECD Europe 15.5 14.7 14.7 14.3 13.8 13.6 13.6 13.6 STEADY... % OECD 1.6%.5% 26 Trend & Pacific 28 21 214 215 Outlook Japan 4.8 4.4 4.4 4.4 4.7 4.5 4.3 4.2 SOFTER... -3% Korea 2.1 2.2 2.3 2.3 2.3 2.3 2.4 2.3 STEADY... % Total OECD Pacific 8.5 8.2 7.8 7.9 8. 8.3 8.3 8.1 STEADY... -2% Non-OECD 2.1% Trend & Asia 28 21 214 215 Outlook India 3. 3.1 3.1 3.3 3.5 3.5 3.6 3.7 FIRM... 4% China 7.8 7.9 9.1 9.3 9.8 1.1 1.4 1.6 STEADY... 3% Other Far East 6.5 6.9 7.4 7.6 7.7 8. 8.2 8.3 STEADY... 2% Total 17.2 17.9 19.6 2.2 21. 21.6 22.1 22.7 STEADY... 2% Other Non-OECD -1.% -1.3% 28 3.7% 21.4% 1.% 1.5%.8% 1.% 214e Million Barrels Per Day Million Barrels Per Day Million Barrels Per Day Million Barrels Per Day Million Barrels Per Day Trend & Nations 28 21 214 215 Outlook 215f In 214, global oil demand is estimated to have risen.8% y-o-y to 91.8m bpd, largely on the back of increased non- OECD Asian demand. In 215, total oil demand is projected to increase 1.% y-o-y, partially supported by growing Middle Eastern demand. In 215, oil demand in the Middle East is expected to rise 3% y-o-y, supported by expansion in the petrochemical industry and increased vehicle usage. Meanwhile, Japanese oil demand is projected to decline by 3% y-o-y, continuing the downward trend of the past few years. Japanese consumer demand was affected in 214 by an increase in sales tax, and demand is likely to remain under pressure in 215 as the economy continues to struggle. The Japanese petrochemical sector is also expected to continue to face difficulties, partially from competition from more efficient plants overseas. Elsewhere in Asia, Indian oil demand is projected to rise 4% y-o-y to 3.7m bpd. India is expected to continue to expand petrochemical activities in 215, which is projected to be a key driver of Indian oil demand growth this year. Partly on the back of Indian demand growth, total non-oecd demand is expected to increase 2% y-o-y in 215 to reach 47.3m bpd, marginally higher than total OECD demand. FSU 4. 3.9 4.1 4.4 4.5 4.6 4.7 4.5 SOFTER... -4% Brazil 2.4 2.5 2.7 2.8 2.9 3. 3.1 3.2 STEADY... 2% Latin America (excl. Brazil) 3.7 3.8 3.9 3.9 4. 4. 4.1 4.2 STEADY... 3% Africa 3.8 3.8 4. 3.9 4. 4. 4.1 4.2 FIRM... 3% Middle East 6.6 6.9 7. 7.3 7.5 7.8 8. 8.3 FIRM... 3% Others.5.4.9.8 1.1.6.4.5 FIRMER... 14% Global Million Barrels Per Day Trend & Total 28 21 214 215 Outlook Global Total # 86.4 85.2 88.4 88.8 89.7 91.1 91.8 92.8 STEADY... 1% % Change -1.% -1.3% 3.7%.4% 1.% 1.5%.8% 1.% Clarkson Research Services Page 2 Feb-15

OECD Products Demand 1% 8% 6% 4% 2% % -2% -4% -6% -8% -1% -12% -14% OECD OECD Demand Growth - By Product Type Commentary North America 21 Aug-14 Sep-14 Oct-14 214* % Change Naphtha.4.3.4.4.3.3.3.4 SOFTER... -8% Motor Gasoline 1.7 1.6 1.7 1.4 11. 1.5 1.9 1.6 STEADY... 2% Jet/Kerosene 1.7 1.6 1.7 1.6 1.8 1.7 1.7 1.7 STEADY... 1% Gasoil 5. 4.8 5. 5.1 5.1 5.2 5.6 5.3 FIRM... 4% Residual Fuel Oil 1. 1. 1..9.5.6.6.6 WEAKER... -22% Other Products 2.5 2.5 2.5 2.4 2.5 2.7 2.3 13.5 SOFTER... -3% LPG 3. 2.9 3. 3.1 3.1 3.1 3.2 3.1 STEADY... -2% Total 24.1 23.7 24.1 24. 24.3 24.1 24.7 24. STEADY... % OECD Europe 21 Aug-14 Sep-14 Oct-14 214* % Change Naphtha 1.2 1.2 1.3 1.2 1.2 1. 1. 1.2 STEADY... 2% Motor Gasoline 2.4 2.3 2.2 2.1 2. 2. 2. 1.9 STEADY... -1% Jet/Kerosene 1.3 1.3 1.2 1.2 1.4 1.3 1.3 1.3 STEADY... 1% Gasoil 6.3 6.1 6.2 6.1 5.7 6.4 6.4 5.9 STEADY... -1% Residual Fuel Oil 1.7 1.4 1.3 1.2.9.9.9.9 SOFTER... -6% Other Products 1.6 1.5 1.5 1.5 1.2 1.4 1.3 1.2 SOFTER... -8% LPG 1. 1. 1. 1. 1.1 1.1 1.1 1.1 STEADY... % Total 15.5 14.7 14.7 14.3 13.6 14.1 14. 13.5 STEADY... -1% OECD 23 24 26 28 Overall Demand Growth Residual Fuel Oil Jet/Kerosene Motor Gasoline Gasoil 21 Million Barrels Per Day Million Barrels Per Day Million Barrels Per Day In the first ten months of 214, OECD products demand is estimated to have fallen 1% y-o-y to 45.5m bpd, largely on the back of a 13% y-o-y decline in demand for gasoil. However, gasoil demand in OECD North America rose 4% y-o-y in the same period, whilst gasoline demand increased by 2%. Demand for motor fuel reportedly increased strongly in October in the region, supporting significant m-o-m growth in gasoline and gasoil demand. Conversely, demand for gasoline and gasoil in OECD Europe was slightly lower in the first ten months of 214 compared to the same period in, partly due to increased vehicle efficiency. Meanwhile, naphtha demand in the region rose 2% y-o-y in the year to October 214. However, the closure of the Moerdijk cracker in the Netherlands in October, following a leak, is likely to have limited naptha demand to some extent towards the end of the year. Elsewhere, OECD Pacific products demand fell 3% y-o-y in the first ten months of 214. This was partly due to weak Japanese demand, for both residual fuel oil in power generation and fuels used in transport. Demand for gasoline (the most widely used fuel in Japanese cars) in the OECD Pacific region averaged 1.5m bpd in January-October 214, down 3% compared to the same period in. Pacific 21 Aug-14 Sep-14 Oct-14 214* % Change Naphtha 1.6 1.6 1.7 1.7 1.9 1.8 1.8 1.8 STEADY... 3% Motor Gasoline 1.6 1.6 1.6 1.6 1.7 1.6 1.5 1.5 STEADY... -3% Jet/Kerosene.9.9.9.9.7.7.8.8 STEADY... % Gasoil 1.8 1.7 1.7 1.7 1.7 1.7 1.8 1.8 STEADY... % Residual Fuel Oil 1..8.8.8.6.6.6.7 WEAKER... -12% Other Products.6.5.5.7.6.5.5.6 WEAKER... -18% LPG.9.9.9.9.8.8.8.8 STEADY... -2% Total 8.3 7.7 8.1 8.2 7.7 7.6 7.7 8. STEADY... -3% OECD Million Barrels Per Day Total 21 Aug-14 Sep-14 Oct-14 214* % Change Naphtha 3.3 3.2 3.4 3.4 3.4 3.1 3.2 3.4 STEADY... 1% Motor Gasoline 14.5 14.1 14. 14.1 14.7 14.1 14.4 14.1 STEADY... 1% Jet/Kerosene 3.8 3.8 3.7 3.8 3.9 3.8 3.8 3.8 STEADY... 1% Gasoil 12.8 12.9 12.7 12.8 12.4 13.3 13.8 12.9 WEAKER... -13% Residual Fuel Oil 3.1 2.9 2.8 2.5 2. 2.1 2.1 2.2 STEADY... 1% Other Products 4.6 4.6 4.5 4.3 4.3 4.5 4. 4.2 WEAKER... -13% LPG 4.8 5. 4.9 5.2 4.9 4.9 5.1 5. STEADY... -2% Total 46.9 46.5 45.9 46.1 45.5 45.7 46.3 45.5 STEADY... -1% *214 data is average of year to date. Clarkson Research Services Page 21 Feb-15

Seaborne Products Imports Global Seaborne Product Imports By Region 215 Imports to North America 21 214 215 % Change United States 2. 1.9 1.6 1.5 1.3 1.3 SOFTER... -5% Canada.3.3.2.2.3.3 FIRM... 5% Total 2.3 2.2 1.8 1.7 1.6 1.5 SOFTER... -3% Imports to Asia 21 214 215 % Change Japan.7.7.8.7.7.7 STEADY... -3% Korea.5.5.6.7.7.7 STEADY... 3% China.7.8.8.8.6.6 SOFTER... -8% India.4.3.3.3.3.3 STEADY... % Australia.4.4.4.5.5.5 FIRMER... 8% Other Asia 4.2 4.4 4.5 4.8 5. 5.3 FIRM... 5% Total 6.8 7.2 7.4 7.8 7.9 8.1 FIRM... 3% Imports to Europe 21 214 215 % Change Germany.7.7.6.7.7.7 STEADY... % France.6.7.7.6.6.7 FIRM... 4% United Kingdom.6.6.6.6.6.7 FIRM... 4% Netherlands 1.8 1.8 1.9 1.9 1.8 1.8 STEADY... 1% Belgium.2.3.3.4.4.4 STEADY... -3% Other 2.2 2.2 2.1 2.2 2.3 2.3 FIRM... 3% Total Europe 6.1 6.2 6.2 6.5 6.4 6.6 STEADY... 2% Imports to Million Bpd Major Others 21 214 215 Mexico.6.6.6.5.6.6 STEADY... 1% Latin America 1.4 1.4 1.7 1.7 2. 2.2 FIRMER... 12% Middle East.4.3.4.6.7.7 FIRM... 4% Africa.9.9.9 1. 1. 1.1 FIRM... 8% Global Others 46% Latin America 11% North America 6% Japan 3% Million Bpd Million Bpd Million Bpd Million Bpd China 3% Europe 31% % Change Imports 21 214 215 % Change Global Others.1.1.1.1.2.2 FIRM... 5% Global Total # 18.5 19. 19.2 2. 2.4 21.1 FIRM... 3% % Change 6.6% 3.%.9% 3.9% 2.% 3.4% 3.5 3. 2.5 2. 1.5 1..5. Commentary Following an estimated increase of 2.% y-o-y in 214, seaborne products trade is expected to rise a further 3.4% y-o-y to 21.1m bpd in 215. Total European imports are expected to rise 2% y-o-y to 6.6m bpd, largely on the back of a weak refinery sector and further economic recovery in some European countries. Elsewhere, total North American products imports are expected to decline 3% y-o-y, on the back of a projected 5% y-o-y fall in US products imports. In spite of recent refinery strikes, domestic US refinery output is expected to continue to be supported by a glut of relatively cheap US-produced crude in the short-term, further limiting demand for imported products. Meanwhile, Canadian products imports are expected to rise 5% y-o-y in 215, partly on the back of increased imports of products for blending with heavy crude produced from tar sands. Elsewhere, products imports to Australia are projected to increase 8% y-o-y to.5m bpd, largely as a result of the impending closure of the.1m bpd Bulwer Island refinery. Korean products imports are projected to increase 3% y-o-y to.7m bpd this year. The relatively firm outlook for the Korean manufacturing industry, which uses significant quantities of oil products, as well as the petrochemical sector, is expected to support this increase. 7. 6. 5. 4. 3. 2. 1...8.7.6.5.4.3.2.1. m. bpd 26 US Imports by Region UKC Others Africa/Med Caribs/L. Am 28 21 214e European Imports by Region m. bpd Others Baltic/B. Sea Med NW Europe 26 28 21 Americas Mid East 214e Japanese Imports By Region m. bpd Intra Asia 26 Others Middle East 28 21 India 214e 215f 215f 215f Clarkson Research Services Page 22 Feb-15

Seaborne Products Exports Seaborne Products Exports By Region 25 2 15 1 5 m bpd Exports from Million Bpd N. America 21 214 215 % Change United States 1.6 2.1 2.3 2.5 2.7 2.7 FIRM... 3% Canada.2.2.2.2.2.2 STEADY... -1% Total N. America 2. 2.5 2.7 2.9 3.1 3.2 FIRM... 4% Exports from Exports from Exports from Million Bpd Other Regions 21 214 215 % Change FSU 2.6 2.7 2.6 2.8 2.9 3.1 FIRM... 5% Latin America.8.7.7.7.7.8 FIRMER... 1% Africa.5.5.4.5.5.6 FIRMER... 8% MEG 1.6 1.6 1.7 1.7 1.9 2.1 FIRMER... 11% Global 26 28 21 Million Bpd Million Bpd Million Bpd Others FSU Asia Europe Middle East North America 214e 215f Asia 21 214 215 % Change.5 Singapore 1.5 1.5 1.4 1.4 1.4 1.4 FIRM... 4% Korea.8 1. 1. 1.1 1.1 1.1 STEADY... -1%. India 1.1 1.3 1.3 1.4 1.3 1.3 FIRM... 4% China.4.3.3.4.4.4 FIRM... 5% Japan.4.3.3.3.3.3 SOFTER... -3% Other Asia.9.9.9 1. 1. 1. STEADY... 2% Total Asia 5.1 5.3 5.1 5.6 5.5 5.6 STEADY... 2% 7. 6. 5. Europe 21 214 215 % Change 4. Netherlands.9 1. 1.1 1.1 1. 1. STEADY... -1% 3. United Kingdom.6.7.7.6.5.5 SOFTER... -8% Italy.5.5.5.4.4.3 SOFTER... -6% 2. Belgium.4.4.5.6.6.6 STEADY... 2% 1. France.3.3.3.2.2.2 STEADY... -3%. Others 1.9 2. 2.2 2.2 2.2 2.2 STEADY... % Total Europe 4.7 4.9 5.2 5.2 4.9 4.9 STEADY... -1% Commentary After rising by an estimated 7% in 214, US seaborne products exports are expected to increase by 3% y-o-y in 215 to 2.7m bpd. Although US refiners are expected to continue to benefit from relatively cheap domestic crude, it is unlikely that they will be able to increase refinery throughput to a similar extent as in 214. Meanwhile, it is expected that Chinese products exports will rise 5% y-o-y in 215, on the back of continued firm refinery expansion and a slight slowdown in domestic Chinese oil demand growth. Chinese seaborne exports increased by around 3% in 214, driven largely by greater shipments on short-haul intra-asian routes. Japanese products exports are projected to soften slightly in 215, with Japanese refineries expected to continue to come under pressure from more efficient and modern plants elsewhere in Asia and the Middle East. Conversely, Indian products exports are expected to grow 4% y-o-y in 215, largely on the back of continued expansion of Indian refinery capacity, although volumes are reported to have eased moderately in 214. Elsewhere, seaborne products exports from the FSU are expected to rise 5% y-o-y to 3.1m bpd, partly supported by tax policies in Russia which are designed to encourage refiners to modernise their plants. 3. 2.5 2. 1.5 1. US Products Exports By Region m. bpd 26 Others 28 21 Caribs South America UKC 214e Asian Products Exports By Region m. bpd Australia 26 CJK 28 Europe Others 21 Other Asia 214e 215f 215f European Products Exports By Region 6. 5. 4. 3. 2. m. bpd WAF North America Intra Europe Exports 21 214 215 % Change Global Others 1.2 1..8.6.8.9 FIRM... 5% Global Total # 18.5 19. 19.2 2. 2.4 21.1 FIRM... 3% % Change 6.6% 3.%.9% 3.9% 2.% 3.4% 1.. 26 28 21 Others 214e 215f Clarkson Research Services Page 23 Feb-15

Product Tanker Market Trends 3 25 2 15 1 5 US$,/day Jan-13 Mar-13 May-13 Products Tanker Market Jul-13 Commentary Clean Spot Average WS Average WS Clean Market Rates 214 215^ Aug Sep Oct Nov Dec Jan This Month LR2 Gulf - Japan 75K 84 97 92 117 19 115 115 1 92 WEAKER... -9% LR1 Gulf - Japan 55K 12 111 9 122 121 124 124 115 12 FIRM... 4% MR USG - UKC 38K 1 93 9 81 76 83 12 146 9 WEAKER!! -38% MR UKC - USAC 37K 126 124 144 91 18 134 169 189 144 WEAKER... -24% MR WC India - Japan 35K 114 114 128 114 124 125 127 126 128 STEADY... 1% Handy Med - Med 3K 144 148 27 117 123 158 19 223 211 SOFTER... -5% Product Average $/day Average $/day Product Market Earnings* 214 215^ Aug Sep Oct Nov Dec Jan This Month Clean 'MR' Spot Earnings 13,277 12,323 22,6 9,61 11,759 15,941 2,532 25,117 22,6 WEAKER... -12% Clean 'Handy' Spot Earnings 1,668 12,473 31,987 4,639 6,487 15,694 23,83 32,849 31,987 STEADY... -3% LR1 74, dwt 1 Yr T/C" 14,981 15,88 19,65 15,3 15,875 16,3 17,813 19,25 19,65 STEADY... 2% MR 47-48, dwt 1 Yr T/C" 14,351 14,63 15,25 14, 13,813 14,3 14,813 15,375 15,25 STEADY... -1% Product Spot Sep-13 Clean MR Spot Earnings (LHS) No of Clean & Dirty Spot Fixtures (RHS) Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 No of Fixtures, Avg. Jan-15 13 12 11 1 9 8 7 6 5 Clean MR spot earnings declined 12% m-o-m in January, to stand at $22,6/day. However, this remains significantly higher than the annual average for both and 214. Meanwhile, clean Handy spot earnings fell by 3% m-o-m to $31,987/day. In the timecharter market, the average one year LR1 timecharter rate increased by 2% m-o-m to $19,65/day. January was a mixed month in the LR2 market, with several swings in the market. For example, towards the start of the month, the LR2 tonnage list in the MEG was reduced significantly. Following this, the market softened on the back of limited activity, only to pick up again later in January. Meanwhile, the LR1 market was more subdued, with rates falling throughout much of January. The MR market was generally quiet during January, with rates in the Atlantic softening notably throughout the month. While the month started with high levels of activity in Northern Europe, an increase in rates was limited by a steady flow of tonnage to the region. Throughout the rest of the month, rates in the region continued to decline. At the start of February, it was expected that the number of unfixed product tankers entering the MEG and Baltic would decrease, whilst the number of product tankers entering Singapore would rise. No of Fixtures Product Spot Demand Demand** 214 215^ Aug Sep Oct Nov Dec Jan This Month Ex - Arabian Gulf 172 181 191 18 183 22 179 178 191 FIRM... 7% Ex - Mediterranean 1 11 79 93 14 126 88 92 79 WEAKER... -14% Ex - Caribbean 7 7 3 3 7 6 8 9 3 WEAKER!! -67% Others 42 416 419 291 375 46 449 436 419 SOFTER... -4% Total Nos. 699 74 692 567 669 794 724 715 692 SOFTER... -3% Total m. dwt 37.9 4.3 42.7 32.7 38.2 44.9 4.1 42.8 42.7 STEADY... % Product Spot No of Vessels, Avg. No of Vessels, start Product Spot Outlook Supply ~ 214 215^ Aug Sep Oct Nov Dec Jan Feb Trend Arabian Gulf 442 712 699 698 687 692 646 682 739 659 TIGHTER... Singapore 269 296 368 333 35 32 35 335 364 371 SOFTER... Baltic 175 243 296 333 34 322 34 254 316 276 TIGHTER... ^ Year to date. * Average Earnings are calculated as described in 'SIW Sources and Methods', which can be found on the Shipping Intelligence Network. ** Spot demand is the average number of clean products fixtures per month. ~ Spot supply is the number of unfixed vessels entering the load zone per month. Note: Fixtures refer to those for vessels over 1, dwt only. "Timecharter rates basis estimated owners' rates. Clarkson Research Services Page 24 Feb-15

Product Tanker Market Trends Products Balance 214 215 % Demand Intra Far East" 3.2 3.4 3.6 3.4 3.5 1% Intra Europe/ Baltic/Med 4.9 4.8 5.1 5.1 5.2 2% USG-S America 1.5 1.6 1.7 2. 2.1 8% Transatlantic^ 2.2 2. 1.8 1.7 1.7-1% Other 7.3 7.4 7.7 8.2 8.6 5% Total, m bpd ~ 19. 19.2 2. 2.4 21.1 3% Total, m dwt ** # 12.5 14.2 17.1 19.2 113.6 4% % growth 2.5% 1.7% 2.8% 2.% 4.% "Includes China, Japan, Korea, Australia, India. ^both directions. Supply* 1,-59,999 dwt # 72.5 73.8 76.1 79.9 84.4 6% 6,-79,999 dwt # 22.7 23.1 23.6 23.8 23.9 % 8,-119,999 dwt # 26. 26.5 26.9 27.9 31. 11% Total # 121.2 123.4 126.7 131.6 139.3 6% Combos in Oil #.1.... % Laid-up # 1..6 1. 1.1 1.2 1% Long-term Storage #...1.1.1-3% Active Fleet # 12.3 122.9 125.6 13.5 138.1 6% % growth 3.5% 2.1% 2.2% 3.9% 5.8% For product tanker fleet definition see page 27 and below. Balance Demand Growth 2% 2% 3% 2% 4% Supply Growth 4% 2% 2% 4% 6% Balance -1% % 1% -2% -2% ** Product tanker demand derived from DPP, CPP and veg oil trade. ~ Includes all oil petroleum products trade. Products S&P Market 214 215^ Aug Sep Oct Nov Dec Jan Newbuild Prices 47-51K newbuild ($m) 34. 33.9 37. 36.5 37. 37. 37. 37. 36.8 36.5 WEAK... -1% No. of Contracts Placed 114 31 13 2 5 1 11 1 2 WEAKER!! -29% Est. Investment Value ($bn) 3.9 1.5 3.8.1.2..4..4.1 WEAKER!! -3% Secondhand Prices 47K 5yo ($m) 24.9 26.3 26.9 27. 25.5 25.5 25.5 25. 25. 27. FIRM... 1% 45K 1yo ($m) 16.4 17.5 17.8 17.5 18. 18. 16. 16. 16. 17.5 WEAK... -5% 45K 15yo ($m) 9.6 1.4 1.9 11. 11. 11. 11. 1.5 1. 11. WEAK... -5% No. of Sales 135 198 19 18 4 19 11 17 11 18 FIRMER... 35% 5 Year Old/NB Price Ratio 73% 77% 73% 74% 69% 69% 69% 68% 68% 74% FIRM... 1% Demolition $/ldt 437 422 473 425 495 55 495 475 455 425 WEAKER... -9% No. Scrapped 59 5 39 2 6 1 4 2 2 FIRMER... 14% Est. Scrap Value ($m) 238.2 194.9 17.5 7.8 27.4 4.7. 17.5 8.4 7.8 FIRMER... 5% Fleet M. Bpd / M. Dwt Forecast Total product tanker deadweight demand is projected to increase 4% y-o-y in 215, following an estimated 2% y-o-y rise in 214. Significant products trade growth is expected on routes out of the AG, especially to some Asian countries such as Japan, which significantly increased products imports from the AG during 214, at the expense of shorter-haul intra-asian volumes. Meanwhile, continued high levels of US refinery throughput, despite recent strike activity at a number of facilities, is expected to further suppress imports into the country, a notable proportion of which is typically sourced from Europe. While shipments out of the US in the short-term are expected to remain robust (particularly to South American nations), overall transatlantic products trade volumes are currently projected to soften slightly in 215. At the end of January 215, the product tanker fleet totalled 132.6m dwt. Product tanker fleet growth is expected to accelerate to 5.8% in 215, with 8.8m dwt of tonnage expected to be delivered in the full year. This includes more than 3m dwt of LR2 tonnage, which is expected to lead to an expansion of around 1% in the LR2 fleet during the year. A further 5.3m dwt of tonnage is projected to be delivered in the 1-6, dwt sector in 215. At the start of February, the total product tanker orderbook totalled 23.7m dwt, representing 18% of the fleet. Number & Value Number & Value 3 Month Trend M. Dwt M. Dwt, month end Forecast* Profile # 214 215^ Aug Sep Oct Nov Dec Jan 215 216 Fleet Total 123.4 126.7 131.6 132.6 129.5 13.3 13.8 131.5 131.6 132.6 139.3 146.8 Deliveries 6. 5.6 6.6 1.1.5.9.5.9.2 1.1 8.8 8.6 Scrapping 3.1 2.2 1.5.1.1...2.1.1 1.1 1.1 Contracting 6.1 19. 6.5.3.3..9. 1..3 Orderbook 14.6 26.3 24.7 23.7 26.1 25.3 25.4 24. 24.7 23.7 *End of year figure. ^ Year to date. Fleet totals in metric tonnes, net of est. conversions, and misc. changes, accounting for historical and expected delivery performance. #The product tanker fleet, as shown on this page and on page 3, includes some IMO II graded tankers as well as all IMO III graded vessels and all coated tankers; for full specification of the product tanker fleet see page 27. Clarkson Research Services Page 25 Feb-15

Tanker Safety & Oil Spills Tanker Number of Incidents Incidents 21 214 215^ Collision 42 22 16 22 25 5 Contact 16 38 34 24 15 5 4 3 Reported Tanker Incidents By Type No. Other Miscellaneous Collision Hull/Machinery Damage Hijacking Fire / Explosion 14 13 15 11 11 1 Hull / Machinery damage 61 63 54 55 22 3 Miscellaneous 24 13 212 119 147 11 Pirate Hijacking 48 91 9 11 112 2 Grounded/Wrecked/Stranded 39 23 21 2 14 1 Total 244 382 442 361 346 24 Losses Number of Vessels Lost At Sea 21 214 215^ VLCC 2,+ dwt Suezmax 12-199,999 dwt Aframax 8-119,999 dwt Panamax 6-79,999 dwt Handy 1-59,999 dwt 1 <1, dwt 4 6 7 5 3 Total 5 6 7 5 3 ^Number of incidents/losses in year to date. Number of Oil Spills & Tonnes Spilt 24 26 28 21 214 Spillages By Cause Operations: Loading/Discharge Number Quantity 7-7t >7t,t 17 5 16 22 3 18 13 5 23 13 4 19 8 1 3 7 1 2 4 4 12 5 1 2 7 1 5 3 7 4 1 4 Number of Incidents 197-214 <7t 7-7t >7t 3,163 393 42 2 1 1 9 8 7 6 5 4 3 2 1 14 12 1 8 6 4 2 No. Volume of Oil Spilt 's tonnes 1994 1995 1996 1997 1998 1999 2 21 22 23 24 26 28 21 214 Fires & explosions 14% 26 28 21 Spillages (>7t) By Cause 197-214 Other 27% Reported Losses At Sea 214 215 ytd 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 21 23 215 ytd Bunkering 571 32 1 Other Operations 4,13 93 416 Accidents: Collisions 187 355 136 Groundings 24 27 15 Hull Failures Fires & Explosions Other: Total 577 11 6 174 24 52 6,686 425 61 7,864 1,355 459 Hull failures 9% Groundings 23% Collisions 27% Clarkson Research Services Page 26 Feb-15