INTERTANKO Council Meeting Athens, May 2011

1. INTERTANKOCouncil MeetingAthens, May 2011 Documentary Committee Overview David Chapman Managing Director OSG Tankers UK Ltd Image Courtesy of NORDEN AS

2. Chartering/Documentary/LegalServices to Members • Documentary Committee • INTERTANKO model clauses • INTERTANKO publications • Freight and Demurrage Information Pool • www.intertanko.com – Legal and Documentary: • Charterparty issues • Case law summaries • Charterparty forms • General advice and assistance • INTERTANKO Clauses and Guidance on their use • Chartering Seminars • Charterparty Advisory Service • Weekly News – Legal Issues

3. Documentary Committee History and Chairmen • 1974 - 1983   Mr P. Gram, Northern Shipowners Defence Club • 1984 - 1996   Mr Harvey Williams, Sinclair, Roche & Temperley (later vice- chair to 2004) • 1996 - 2005     Mr John R. Lean, Botany Bay Parcel Tankers (April 2005) • 2005 - 2010      Mr Arve Ustgård, Teekay Shipping Norway AS (August 2010) • 2010 -  date     Mr David Chapman, OSG Tankers UK Ltd

4. Membership Criteria ‘Membership should always maintain a balance between a substantial proportion of owners' representatives with wide practical knowledge and experience and "advisers" including usually tanker brokers from different centres, club and legal representatives and consultants with wide relevant knowledge of the tanker industry’.

5. Documentary Committee • 15 members – Full and Associate • Regular ‘observers’ • Full Members - tanker companies located in the Asia, Europe and North America representing crude, chemical, product and parcel tankers • Associate Members representing: - US Attorneys - UK lawyers - P & I and Defence Clubs - Broking House - Charterers - US University

6. Documentary Committee Members • Mr David Chapman, OSG Tankers UK Ltd (Chairman) • Mr William J Honan III, (Vice-Chairman), Holland & Knight • Prof Martin Davies, Tulane Law School • Mr Tony Dixon, Braemar Seascope • Mr Robert Gay, Hill Dickinson LLP • Mr Frode Grotmol, Nordisk • Mr Jonathan Hare, Skuld • Mr Trond Herdlevær, J. Ludwig Mowinckels Rederi • Ms Anne Liversedge, Teekay Shipping Norway AS • Mr Rajeev Philip, Mansel Oil • Mr Henrik Romland, Stena Bulk • Mr Jagadisa Santhanam, Varun Shipping Company Limited • Mr John Salmon, Sovcomflot • Mr Frode Stornes, Odfjell • Mr Jacob Ulrik, Maersk Tankers

7. Documentary Committee Aims and Objectives • to promote balanced and reasonable charter party provisions in the tanker industry • to consider, prepare and review tanker charter parties, as well as other related documents, including any clauses contained in such documents • to prepare model clauses for consideration by INTERTANKO members • to cooperate and develop a friendly dialogue with such interested parties in the tanker industry that may be useful to this aim. • to assist the Secretariat in its efforts to keep the membership informed about developments relative to the documentary aspects of tanker chartering.

8. Freight Demurrage and Information Pool • Formed 1983 • Demurrage and other claims, e.g. additional freight payments, disbursements, extra shifting expenses and deviations costs • Membership fee USD 1440 per year for a members' entire fleet entered with INTERTANKO and an unlimited number of claims • FDIP statement and circular 3 times a year – claims statistics, law reports, new INTERTANKO clauses, report on defaulting charterers • Defaulting charterer enquiries FDIP Claims 2010 • No. (value) of claims notified:55 (USD 2,7 mill) • No. (value) of claims settled:39 (USD 2,2 mill) • No. (value) of claims reported: 1 USD 3,196 • Average number of days to settle: 20 • 2 claims USD 943,859.98/USD 14,269.38 recovered in one day • 6 further claims recovered in 5 days

9. Current Work Programme • Emissions Reduction Clauses (‘Virtual Arrival’) • Mercury in Crudes Clauses (working with ISTEC) • Improper Influence Clauses (‘Facilitation’) • Commingling/Cargo Additive Clauses (working with Chemical Tanker Committee) • Radioactivity Risk Clauses? • Slow Steaming/Ultra Slow Steaming?

10. Recently Published Clauses and Guidance • Vetting Clause • Completion/rotation Clause • Piracy Clauses for Time and Voyage Charterparties • STS Operations Clause • Interim Ports Compensation Clause • Sanctions Clause • Deepwater Horizon Clause • EU Cargo Declaration Clause

11. Recent and Planned Publications • Shelltime 4 and ShellLNGTime • Oil Pollution Legislation in Littoral States of the USA • INTERTANKO Clauses e-Book

12. Tanker Chartering Seminars • Athens – 11th May 2011 Documentary Committee Members present: • Piracy – Legal and Chartering Issues • Vetting Clauses • Major Issues under Shelltime 4 • Sanctions • Safe Ports, Safe Berths plus Mock Arbitration/Workshops

13. Concluding Remarks Documentary Committee Priorities: • Continuously monitor and enhance our understanding of the development of charterparty forms and clauses including related documentation • Proactively develop model clauses in response to key developments in chartering practice and international trade • Develop balanced and workable solutions to chartering issues • Produce user friendly chartering guidance on key charterparty forms • Establish effective dialogue with relevant stakeholders

14. Thank you For more information, please visit: www.intertanko.com Legal and Documentary