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Crude, Product and Specialty Tankers

06/19/13
Jefferies LLC
Tanker Sector Overview
Number of Vessels: 7,475
1,996 Crude Tankers
2,257 Product Tankers
(1)
3,222 Chemical / Other Tankers
Total Capacity: 507.9 million dwt
Crude Tankers: 346.1 million dwt
Product Tankers: 111.3 million dwt
(1)
Chemical / Other Tankers: 50.5 million dwt
Average Age
(2)
: 8.1 years
Crude Tankers: 8.1 years
Product Tankers: 8.0 years
(1)
Chemical / Other Tankers: 8.2 years

(1) Includes IMO III chemical tankers , which is not included in the chemical tanker calculation. However, IMO III chemical tankers are considered as both product and chemical tankers.
(2) Weighted by dwt.
1
Tanker Sector Overview (Contd)
Crude oil tankers carry crude oil, diesel oil or residual fuel oil dirty products
Product tankers are able to carry clean refined petroleum products such as gasoline,
jet fuel, kerosene, naphtha and gas oil
Crude and Product tankers as a whole do not form a distinct tanker classification, but
are identified on the basis of their size, coating of their cargo tanks, number of cargo
segregations and cargo pumping systems
The product tanker fleet comprises of LR2, LR1 and MR product tankers, which are
similar to Aframax, Panamax and Handymax crude oil tankers, respectively in terms
of specification with the main difference being the coating of the tanks, which allow
for transportation of the cleaner, more corrosive oil products
Chemical tankers are generally smaller tankers up to ~60,000 dwt at various IMO
grades with a greater number of tanks and special coating that allows them to carry
organic / inorganic chemicals, vegetable oils and other special cargos
Chemical tankers of IMO III grade are also able to carry refined petroleum products
and are deemed to be part of the product fleet as well
2
Fleet Overview
World Tanker Fleet
Vessel Type World Fleet
% Single
Hull
By Dwt
Average
Age
Years
Typical Trade
Number
Dwt
(million)
Crude /
Product /
Chemical Route
ULCC / VLCC
>200,000 Dwt
623 190.9 0.4% 7.6 Crude Long haul from Arabian Gulf to Western
Europe, United States and Asia
Suezmax Tanker
120-200,000 Dwt
492 76.1 0.0% 7.7 Crude Long and medium haul from West Africa
and North Sea to the United States
Aframax / LR2
Tanker
80-120,000 Dwt
908 97.3 0.1% 8.3 Crude /
Product
Medium and short haul from West Africa to
the United States and Europe and intra-
regional locations
Panamax / LR1 /
Chemical Tanker
60-80,000 Dwt
417 30.1 0.1% 7.4 Crude /
Product /
Chemical
Medium and short haul to intra-regional
locations
Handy / MR /
Chemical Tanker
10-60,000 Dwt
3,280 104.8 2.7% 8.9 Product /
Chemical
Medium and short haul to intra-regional
locations
Small Tankers
<10,000 Dwt
1,755 8.7 2.6% 12.6 Product /
Chemical /
Other
Short haul to intra-regional locations
Total / Average 7,475 507.9 0.8% 8.1
(1)

(1) Weighted by dwt.
3
Crude Tankers Supply-Demand Dynamics

Product Tankers Supply-Demand Dynamics
The crude tanker market is still
suffering from unfavorable supply-
demand dynamics
The crude tanker tonnage is
expected to grow by 3.9% y-o-y
in 2013 while demand is
expected to grow by 2.5%
during the same time frame
The product tanker market is showing
much more favorable supply-demand
dynamic fundamentals
Product tanker fleet is expected
to increase by 3.3% y-o-y in
2013 and demand is expected
to increase by 4.6%
The positive demand growth
outlook is partly driven by
growth in volumes on long-haul
routes and projected
improvements in trade outlook
from the US to South America



-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
Product Demand Product Supply
Crude vs. Product Supply-Demand Dynamics
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
Crude Demand Crude Supply
Source: Clarksons Shipping Intelligence Network.
4
Benchmark Trade Flows
Arabian
Gulf
West
Africa
Far East
UK Continent
Caribbean
USA
Mediterranean
Refined Product
Crude Oil
Source: Poten & Partners.
5
Crude Tankers Overview
6
Annual Global Oil Demand (MMbd)

Crude Oil Demand Overview
OPEC vs. Non-OPEC Production Growth (MMbd)
(3.0)
(2.0)
(1.0)
0.0
1.0
2.0
3.0
4.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
Non-OPEC OPEC
Source: Clarksons Research, IEA and Jefferies Equity Research.
Global oil demand is the leading
driver of crude tanker market outlook
Traditionally driven by
developed economies
Developing economies have
driven growth over the past few
years
Any marginal increase in
demand is usually transported
by sea given lead time, cost and
nature of distribution
alternatives
Global oil production also
significantly impacts crude tanker
market demand outlook
Non-OPEC production is
currently a bigger piece of the
overall picture, affecting trade
flows



60.0
68.0
76.0
84.0
92.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
7
Crude Oil Demand Overview (Contd)
OECD Inventories and Forward Demand Cover
45
50
55
60
65
2400
2450
2500
2550
2600
2650
2700
2750
2800
Q306 Q207 Q108 Q408 Q309 Q210 Q111 Q411 Q312 Q213
OECD Inventories Days of Forward Demand Cover
MMbbls Days
Source: Clarksons Research, IEA , EIA and Jefferies Equity Research.
With OECD inventories at 59.8 days
of forward demand versus a historical
average of 54-55 days, and US
inventories near a 20+ year high,
current global oil production levels
are at unsustainably high levels
Without a reduction in current
oil production and/or an
increase in real oil demand,
global crude oil inventory levels
will likely rise further applying
additional pressure on global
crude oil prices
US oil production has been growing
y-o-y while demand has been moving
in the opposite direction
Production has grown by 28.0%
since 2007 while demand has
fallen by 10.0%
There are federal restrictions in
the export of US crude
US Oil Production vs. US Oil Demand
17.5
18.0
18.5
19.0
19.5
20.0
20.5
21.0
4.0
5.0
6.0
7.0
8.0
2007 2008 2009 2010 2011 2012 2013E
US Oil Production US Oil Demand
MMbd MMbd
8
Orderbook as % of Total Fleet
(2)
-
10.0%
20.0%
30.0%
40.0%
50.0%
-
20
40
60
80
100
120
140
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Orderbook (Million Dwt) Orderbook as % of Fleet
Delivery Schedule (Million Dwt)
(1)

-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2013E 2014E 2015E+
ULCC / VLCC Suezmax Aframax Panamax Handy & Small
Vessel Type (Dwt)
(1)






164 Total Vessels
32.6 Million Dwt
9.4% of Existing Fleet

Crude Tanker Orderbook
15.1
12.5
5.0
ULCC / VLCC
57%
Suezmax
27%
Aframax
15%
Panamax
1%
Handy & Small
0%
(1) Orderbook data only includes crude tankers and does not include product, chemical and specialized tankers.
(2) Tanker orderbook and fleet data show figures for +10,000 dwt tankers, which include chemical tankers, as well as specialized tankers, and excludes product tankers, as well as IMO III chemical tankers.
Source: Clarksons Shipping Intelligence Network.

9
-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
VLCC Suezmax Aframax
Crude Oil Tanker Asset Values and Rates
5-year Old Asset Values ($Millions)









1-Year Timecharter Rates ($/Day)









-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
VLCC Suezmax Aframax
Current Average
VLCC 55.0 $ 87.3 $
Suezmax 40.0 60.0
Aframax 30.0 45.8
Current Average
VLCC 19,000 $ 42,958 $
Suezmax 16,050 32,383
Aframax 13,000 24,452
Source: Clarksons Shipping Intelligence Network.
10
Ownership Distribution by dwt


Top 10 Owners
24.7%
Next 15 Owners
15.7%
Rest of Owners
59.6%
Crude Tanker Ownership Overview
Source: Clarksons Shipping Intelligence Network.
The ownership distribution in the crude tanker sector shows
a high level of fragmentation
The top 25 owners own only 40.4% of the total capacity
No single owner owns more than 3.1% of total capacity
A significant portion of the fleet is captive
Top 5 Ownership Distribution by dwt

#1 Owner
3.1%
#2 Owner
3.3%
#3 Owner
2.1%
#4 Owner
2.3%
#5 Owner
2.6%
Rest of Owners
86.7%
11
Product Tankers Overview
12
US Refined Product Exports (MMbd)

Product Tanker Demand Overview
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
OECD Product Inventories (MMbbls)
-
400
800
1,200
1,600
03/10 03/11 03/12 03/13
North America Europe Pacific
Source: Clarksons Research, IEA, U.S. Energy Information Administration and Jefferies Equity Research.
The product tanker trade will benefit
from continuously growing US refined
product exports
US refined product exports set a
record in Q4 2012 at 3.2 MMbd
and product tanker spot rates
entered 2013 at near 4-year
highs
Increasing US crude oil
production should also translate
to additional US refined product
exports in 2013
With robust growth in US crude oil
production and US refined product
production, a major portion of the
OECD product inventories are being
built up in North America
As of March 2013,
approximately 48.9% of the
OECD product inventories
belonged to North America




13
Refinery Capacity Net Additions (MMbd)

(1.0)
(0.5)
-
0.5
1.0
1.5
2.0
2.5
Product Tanker Demand Overview (Contd)
Seaborne Product Import Changes (MMbd)
Source: Clarksons Research, IEA, U.S. Energy Information Administration and Jefferies Equity Research.
Total global refining capacity is
projected to increase approximately
2-3% in 2013
Majority of the capacity
additions scheduled in Asia and
Middle East
Refining capacity in Asia has
increased by 5.5 MMbd since
2009, more than offsetting the
Atlantic Basin shutdowns

The seaborne product trade is
expected to expand 3-4% in 2013
Product tanker trade will benefit
from both record US exports and
structural changes within the
global refining complex


$(0.6)
$(0.4)
$(0.2)
$-
$0.2
$0.4
$0.6
$0.8
(1) Includes Brazil, Former Soviet Union territories and other regions not part of North America, Europe, Middle East and Asia.
(2) Includes Mexico, Latin America, Africa and other regions not included in North America, Europe and Asia.
North
America
Europe
Other
(1)
Asia

Middle
East

North
America
Europe Other
(2)
Asia

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
1
4
E

2
0
1
5
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
1
4
E

2
0
1
5
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
1
4
E

2
0
1
5
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
1
4
E

2
0
1
5
E

2
0
0
8

2
0
0
9

2
0
1
0

2
0
1
1

2
0
1
2

2
0
1
3
E

2
0
1
4
E

2
0
1
5
E

14
Product Imports: Major Growth Regions (MMbpd)

Evolving Product Trade Flows
Product Exports: Major Growth Regions (MMbpd)
Source: Clarksons Shipping Intelligence Network and EIA.
Global product imports are projected
to increase by 3.9% in 2013
While imports are expected to
be static in Europe and decline
in the US, non-US and non-
Europe areas such as Latin
America are expected to grow
their imports due to
fundamental changes in refinery
capacity affecting product
import-export dynamics
US exports of products have grown
significantly in recent years and will
continue to grow due to an
unbalanced dynamic between
expanding US crude production and
stagnant US oil demand
Middle East and India have also
shown growth in product exports
with continuous refinery
capacity additions across the
respective regions




-
0.5
1.0
1.5
2.0
2.5
3.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
United States Middle East India
-
0.5
1.0
1.5
2.0
2.5
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
Latin America Japan Australia
15
Product Tanker Trade Routes 1986

144
257
143
134
38
Source: Poten & Partners
16
Trading activity fairly limited geographically
Most of the supply originating in the Middle East
Source: Poten & Partners.
Product Tanker Trade Routes 2012

7
AG
279
BALT
148
BSEA
234
USAC
72
ECC
86
CARIB
86
FE
372
MED
398
UKC
652
SEA
269
USG
293
WINDA
138
USWC
64
INDO
78
NAFR
58
17
Market and trading sophistication have evolved (the market has more than quadrupled)
3,227 spot fixtures in 2012 vs. 716 spot fixtures in 1986
New sources of supply, increased participants and variation in product specifications have resulted in this trade picture
Source: Poten & Partners.
Orderbook as % of Total Fleet
(2)
-
20.0%
40.0%
60.0%
80.0%
100.0%
-
10
20
30
40
50
60
70
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Orderbook (Million Dwt) Orderbook as % of Fleet
Delivery Schedule (Million Dwt)
(1)
Product Tanker Orderbook
Vessel Type (Dwt)
(1)







222 Total Vessels
13.5 Million Dwt
12.1% of Existing Fleet
2.8
7.2
3.5
(1) Orderbook data represents figures for product tankers above 10,000 dwt, which includes IMO III chemical tankers.
(2) Product tanker orderbook shows figures for Aframax product tankers, Panamax product tankers, as well as 10,000-60,000 dwt product tankers. Product tanker fleet data represents figures for
+10,000 dwt product tankers. Both orderbook and fleet data include IMO III chemical tankers above 10,000 dwt.
Source: Clarksons Shipping Intelligence Network.

18
LR2
30%
LR1
13%
MR & Handy
57%
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2013E 2014E 2015E+
LR2 LR1 MR & Handy
1-Year Timecharter Rates ($/Day)



-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
LR2 LR1 MR
5-year Old Asset Values ($Millions)
-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
LR2 LR1 MR
Product Tanker Asset Values and Rates
Current Average
LR2 30.0 $ 45.8 $
LR1 27.0 37.4
MR 25.0 33.9
Source: Clarksons Shipping Intelligence Network.
Note: LR2 TC rates represent Aframax TC rates. Also, LR2 and LR1 asset values represent Aframax and coated Panamax values.
Current Average
LR2 13,000 $ 24,452 $
LR1 15,000 21,914
MR 14,000 18,240
19
Ownership Distribution by dwt

Top 10 Owners
20.2%
Next 15 Owners
14.0%
Rest of Owners
65.8%
Product Tanker Ownership Overview
Source: Clarksons Shipping Intelligence Network.
The ownership distribution in the product tanker sector,
similar to the crude tanker sector, is highly fragmented
The top 25 owners own only 34.2% of the total capacity
No single owner owns more than 2.8% of the total capacity
Top 5 Ownership Distribution by dwt

#1 Owner
2.8%
#2 Owner
2.7%
#3 Owner
2.5%
#4 Owner
2.4%
#5 Owner
2.0%
Rest of Owners
87.7%
20
Chemical Tankers Overview
21
Chemical Tanker Sector Overview
Global Chemical Tanker Fleet Structure
IMO Grade Cargo Type
(1)
Description Vessels
Dwt
(million)
Size Range (Dwt)
IMO I
Category X:
Sophisticated chemicals
(e.g. Butyl Benzene)
Modern parcel tankers with number of
segregations at 75% or more of total tanks
89 2.3
1-49,999
Avg. 25,977
IMO II
Category Y:
Bulk chemicals (e.g.
Vegetable Oils and
FAME)
Modern chemical tanker with
sophisticated coatings and number of
segregations between 51% and 75% of
total tanks
2866 47.5
1-60,000+
Avg. 16,578
IMO III
Category Z:
Easy chemicals (e.g.
MTBE)
Chemical / Product tankers, also involved
in non-oil trades; number of segregations
between 51% and 75% of total tanks
986 33.4
1-60,000+
Avg. 33,914
Non-Grade
Category OS cargos: (e.g.
Molasses)
Older chemical / product tankers in non-
oil trades; no longer able to carry
vegetable oils
267 0.7
1-19,999
Avg. 2,475
Total 4,208 83.9
(1) MARPOL Annex II Categories: X = major hazard, Y = hazard, Z = minor hazard, OS = other substances.
Note: IMO III tankers are included in the product tanker analysis.
Source: Clarksons Shipping Intelligence Network.
Chemical tankers have either stainless steel or coated tanks
Types of coating include epoxy / phenolic coating and zinc / marine line coating
22
Total Global Seaborne Trade by Commodity Group (MM tonnes)

Chemical Products Demand Overview
Annual Percentage Growth Rate of Seaborne Chemical Trade
Source: Drewry Maritime Research.
Seaborne trade of chemicals is
expected to grow in the near-term
future
Refinery expansion in the
Middle East is expected to drive
clean petroleum products
(CPP) and chemical trade
flows especially in regional
trades due to the regions
proximity to the Asian Markets
Also, the expected substantial
increase of US organic exports
could be beneficial for ton-mile
demand in the chemical tanker
sector
Seaborne chemical trade is greatly
influenced by global economic
development
The movement in seaborne
chemical trade has closely
followed the trends of global
GDP, as well as industrial
production growth





-
50
100
150
200
250
2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E
Organics Inorganics Veg/Animal Oils & Fats Other Cargos
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2008 2009 2010 2011 2012 2013E 2014E
Global GDP Seaborne Chemical Trade
23
Handy Chemical Tanker Fleet and Orderbook Development
(1)

Chemical Tanker Supply-Demand Overview
Chemical Tanker Supply and Demand
(2)
The surplus capacity problem created
during the economic boom has
continuously been mitigated since
the 2008 crash
Annual growth in the orderbook
dwt averaged 41.3% from 2002
to 2007 but has since declined
at an annual average of 14.0%
from 2008 to 2013 YTD
As a result, orderbook as a % of
fleet has declined in the last 5
years to 12.7% from 75.8% as
fleet growth has slowed
significantly
The supply-demand dynamics in the
chemical tanker market has been
improving and is expected to become
even more favorable in the near-term
Demand for chemical cargos is
expected to grow at an average
of 3.1% from 2013 to 2016
while supply is expected to
decline at an average of 0.9%




MM Dwt
(1) Orderbook and Fleet development data represents figures for 10,000-60,000 dwt chemical tankers.
(2) Demand figures represent pure chemical tankers and excludes CPP ships, while supply figures includes all IMO ships. Data is from Drewry Maritime Research.
Source: Drewry Maritime Research and Clarksons Shipping Intelligence Network.

Y-O-Y Change
Orderbook as % of Fleet
0.0%
20.0%
40.0%
60.0%
80.0%
-
10.0
20.0
30.0
40.0
50.0
Fleet Orderbook
24
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2007 2008 2009 2010 2011 2012 2013E
Demand Supply
$7,500
$9,000
$10,500
$12,000
$13,500
$15,000
$16,500
$18,000
$19,500
$21,000
$22,500
$24,000
2007 2008 2009 2010 2011 2012 2013 Q1
Coated 22-24,000 Dwt Coated 30-32,000 Dwt Stainless 8-9,000 Dwt Stainless 22-24,000 Dwt
Historical IMO II Chemical Tanker 1- Year Timecharter Rates ($/Day)
(1)



Historical IMO II Chemical Tanker Secondhand Asset Values ($Millions)

Chemical Tanker Asset Values and Rates
(1) Estimated rates are based on a 12-month TC with prompt delivery in $/day or sailed TCE on todays spot market.
Source: Drewry Maritime Research.

$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2007 2008 2009 2010 2011 2012 2013 Q1
Stainless 8-9,000 Dwt Stainless 22-24,000 Dwt Coated 22-24,000 Dwt Coated 35-37,000 Dwt
2013 Q1 Average
Coated 22-24,000 Dwt 14.0 $ 17.2 $
Coated 35-37,000 Dwt 16.0 22.3
Stainless 8-9,000 Dwt 8.8 12.4
Stainless 22-24,000 Dwt 18.0 25.0
25
2013 Q1 Average
Coated 22-24,000 Dwt 11,300 $ 13,141 $
Coated 30-32,000 Dwt 13,000 14,959
Stainless 8-9,000 Dwt 8,300 9,691
Stainless 22-24,000 Dwt 13,600 17,109
Appendix
26
Charter Types and Time Charter Equivalent
Voyage Expense (Fuel and Port / Canal Costs) Operating Expense
Charter Type Owner

Charterer Owner Charterer
Spot / Voyage / COA


Time Charter




Bareboat Charter




Rates in shipping are usually quoted on a Time Charter Equivalent (TCE) basis in order to
facilitate comparisons across different operators and periods
Fuel costs can be a significant part of total cost, which is sometimes overlooked due to the TCE convention
For example, a MR product tanker burns approximately 30 tons of bunker per day laden at 13.5 knots
which, based on todays bunker cost of ~$600 / ton, results in a daily cost of $18,000
This means that, given current MR product tanker 1-yr TC rate of $14,000 / day, a MR product tanker
operating in the spot market will have to earn $32,000 / day ($14,000 + $18,000) to earn a TCE rate of
$14,000 / day
Larger vessels burn could burn 3-4 times more fuel, while fuel consumption rises exponentially with
increases in speed, rendering fuel cost a significant consideration when trading spot
27
Disclaimer
Clarkson Research Services Limited (CRSL) have not reviewed the context of any of the statistics or information contained in
the commentaries and all statistics and information were obtained by Jefferies LLC from standard CRSL published sources.
Furthermore, CRSL have not carried out any form of due diligence exercise on the information, as would be the case with
finance raising documentation such as Initial Public Offering (IPOs) or Bond Placements. Therefore reliance on the statistics
and information contained within the commentaries will be for the risk of the party relying on the information and CRSL does
not accept any liability whatsoever for relying on the statistics or information.
Insofar as the statistical and graphical market information comes from CRSL, CRSL points out that such information is drawn
from the CRSL database and other sources. CRSL has advised that: (i) some information in CRSLs database is derived from
estimates or subjective judgments; and (ii) the information in the databases of other maritime data collection agencies may
differ from the information in CRSLs database; and (iii) whilst CRSL has taken reasonable care in the compilation of the
statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit
and validation procedures and may accordingly contain errors; and (iv) CRSL, its agents, officers and employees do not accept
liability for any loss suffered in consequence of reliance on such information or in any other manner; and (v) the provision of
such information does not obviate any need to make appropriate further enquiries; (vi) the provision of such information is not
an endorsement of any commercial policies and/or any conclusions by CRSL; and (vii) shipping is a variable and cyclical
business and any forecasting concerning it cannot be very accurate.


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