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Opatija

Opatija. Tanker Chartering Report October 2008. Tanker Market Volatile. 2005-2007 2007-2008 BDTI - 60% + 70% BCTI - 61% + 82%. Baltic Dirty Tanker Index January 2005-October 2008. Baltic Clean Tanker Index January 2005-October 2008. Tanker Chartering Report. Bunker Prices in Rotterdam

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Opatija

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  1. Opatija TankerCharteringReport October2008

  2. Tanker Market Volatile 2005-20072007-2008 BDTI- 60%+ 70% BCTI- 61%+ 82%

  3. BalticDirtyTankerIndexJanuary2005-October2008

  4. BalticCleanTankerIndexJanuary2005-October2008

  5. TankerCharteringReport Bunker Prices in Rotterdam Rose from $390 to $557 per tonne Plus 45.5% Peaking @ $729.50 July ’08 Now $357

  6. Tanker Chartering Report • Global Oil Demand up 1.3% yoy • Actual +0.97 (1.5m) b/d 2007 +0.43 (2.2m) b/d 2008 • Oil Price $90/bbl 2009 • Now $72

  7. TankerChartering Report Low level of oil stocks – worldwide Heavy refinery maintenance High USA demand after hurricane damage Increased OPEC output/oil on water Japan + China restocking Hebei Spirit – December 9 2007

  8. Tanker Chartering Report • China + 4.6% yoy driven by Car ownership + 1,000 cars per day air travel construction agriculture petrochemicals oil stocks

  9. Tanker Chartering Report Oil Demand (2007) India +5.0% North America +0.47% Europe -2.2%

  10. Tanker Chartering Report • Clean Tanker Trades Directionless despite Refinery problems in the Atlantic basin. More exports from Europe Congestion problems in discharge areas India increasingly a supplier to Europe and Asia

  11. Tanker Chartering Report • Growth of tanker fleet 2.7% dwt in first 9 months of 2008 (net) • 66 single hull tankers gone for conversion to Storage, FPSO or VLOCs • Double Hull Fleet = 76% of existing fleet

  12. Tanker Chartering Report • VLCC average earnings: • 2006 $60,289 • 2007 $54,979 • 2008 $100,500 (to date) • 3 Oct $85,693

  13. Tanker Chartering Report • Future influences (Short Term): Alternative Suppliers & pipelines Fuel/coal/gas Response to “green” legislation

  14. Tanker Chartering Report • Future influences (long term): • 15 years/+ end of production from the largest fields found in last 40 yrs: North Sea/Alaska/Sakhalin New deep water finds: Brazil/Gulf of Mexico

  15. Tanker Chartering Report • Future influences (Long Term): Current finds are smaller capacity – indicating maintenance of high oil price = $ ??? or no return to low oil price = $ 20

  16. Tanker Market Lookout For the Hurricane!

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