YOUR INTERTANKO: LEADI HE W MA KING A DI FFE RENCE · PDF file YOUR INTERTANKO LEADING THE...

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YOUR INTERTANKOLEADING THE WAY, MAKING A DIFFERENCE

INTERTANKO LondonSt Clare House30-33 MinoriesLondon EC3N 1DDUnited KingdomTel: +44 20 7977 7010Fax:+44 20 7977 [email protected]

INTERTANKO OsloNedre Vollgate 45th floorPO Box 761 SentrumN-0106 OsloNorwayTel: +47 22 12 26 40Fax:+47 22 12 26 [email protected]

INTERTANKO Asia5 Temasek Boulevard,#12-07 Suntec City Tower 5Singapore 038985Tel: +65 6333 4007Fax:+65 6333 [email protected]

INTERTANKO North America801 North Quincy Street – Suite 200Arlington, VA 22203USATel: +1 703 373 2269Fax:+1 703 841 [email protected]

INTERTANKO BrusselsRue du Congrès 37-41B-1000 BrusselsBelgiumTel: +32 2 609 54 40Fax: +32 2 609 54 [email protected]

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Committees

Associate Members’ CommitteeThe AMC provides a forum for the Association Members to allow them to contribute and benefit fully from their membership of the Association, to get their issues and concerns debated and to interact with the membership. Chemical Tanker Committee (CTC)The CTC furthers the interests of independent chemical tanker owners with regard to the continuous improvement of relevant safety, pollution prevention, regulatory and commercial matters. It acts as a resource group for INTERTANKO and wherever possible as a link with the chemical industry, aiming at ensuring that owners’ interests are reflected in day to day trading activities.

Documentary Committee (DocCom)The DocCom furthers the interests of Members in issues concerning chartering documentation, terms and charterparty forms for tankers.

Environmental CommitteeThe Environmental Committee develops environmental policies for the Association to follow up at various national and international levels, including at the IMO. Human Element in Shipping Committee (HEiSC)The Committee promotes compliance with rules and regulations and assists in the development of measures that highlight the role of the human element in safe, secure and environmentally sound tanker transportation.

Our 12 working Committees as well as the Council and Executive Committee, meet regularly to harness the collective knowledge of Members and address issues of interest to the wider membership. The Committees help to promote Members’ interests with governmental and non-governmental bodies and other stakeholders, including environmental groups and the general public.

Each Committee generally meets twice yearly, led by an elected chairperson and supported by the Secretariat

1ASSOCIATION

45YEARS

3077VESSELS OWNED AND OPERATED

283ASSOCIATEMEMBERS

207FULL

MEMBERS

OVER

270 MILLION DWT

12WORKING

COMMITTEES

5REGIONAL

PANELS

INTERTANKO...

• provides a FORUM to enable Members to meet and share information and ideas with each other and with the industry.

• acts as ADVISOR with guidance for Members on issues affecting their interests.

• is the CHAMPION that speakson behalf of and acts for independent tanker owners.

INTERTANKO MEMBERS... Lead the continuous improvement of the tanker industry’s performance in striving to achieve the goals of:

ZERO fatalities ZERO pollution ZERO detentions

Deliver the highest quality services to meet the expectations of their stakeholders.

Promote the availability and utilisation of personnel with the highest quality marine skills and competencies.

Whilst every effort has been made to ensure that the information contained in this publication is correct, INTERTANKO cannot accept any responsibility for any errors or omissions or any consequences resulting therefrom. The contents may be reproduced on condition that acknowledgement is given to INTERTANKO.

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Your INTERTANKO: A welcome message from Managing Director Katharina Stanzel

On the Radar in 2015

Message from our Chairman Nikolas P Tsakos

Message from Graham Westgarth

Your organisationGreater than the sum of its parts…

Your Services

Your Regional Panels

Your Committees

Your Secretariat

Your Publications and Guidance

Your Governing Bodies

Your Members

Your Associate Members

Your Articles of Association

Your 2014 Financial Report

CONTENTS

www.intertanko.com

Your INTERTANKO A welcome message from MD Katharina StanzelWelcome to our new-look Annual Report, designed to provide an overview of activities, services and successes of the International Association of Independent Tanker Owners (INTERTANKO).

Established in 1970 by a small international group of shipowners, INTERTANKO has grown tremendously in size and scope but maintains today the three crucial roles for which it was designed: it acts as the voice and champion of independent tanker owners, provides support and advice to Members and is the forum for peer discussions, the development of best practice and industry dialogue in the tanker sector and beyond.

The new format of this publication, the improved signposting and increased use of original statistics, illustrations and case study examples, are a direct result of a review of INTERTANKO’s value proposition to Members during 2014. Several surveys captured the thoughts and ideas of the Membership and I would like to express my most sincere thanks to all those who contributed and gave us honest, constructive feedback.

As INTERTANKO enters its 45th anniversary year, there is much the collective membership can be proud of. The Association’s achievements in

the face of regulatory, technical, operational and commercial challenges are many, but we have not been as good as we could be to showcase them. In addition, we still have much to do both as an individual trade Association and in collaboration with other like-minded stakeholders and those who share our values. While our raison d’etre remains the same, the focus and content of our work continues to evolve with the needs of the Membership. A summary of current priorities can be found in INTERTANKO’s Strategic Workplan which will be published in a later module.

My sincere thanks are due to everyone who has contributed to INTERTANKO’s success over the past 45 years and to all those that support its work. We are fortunate to be part of an industry which is vital to society and the world’s economy and INTERTANKO has a role to play. I look forward to working with you to make that role fit the needs of independent tanker owners and their associates today and to make INTERTANKO even more successful in the future.

Yours truly,

Katharina StanzelManaging Director

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On the Radar in 2015

• Annex VI of MARPOL (SOX, NOX, VOC): We continue to promote the global use of clean fuels to reduce air emissions from ships and assist Members in making the right choices for their ships to comply with these air emission requirements. We are also assisting Members in complying with Energy Efficiency Design Index requirements and any future standards that may be developed. We continue our work to influence and monitor the development of international and/or regional requirements that would impact Members’ tankers, and the development of international and/or regional MRV requirements that would impact Members’ tankers.

• Vetting and risk assessment: Our vetting work programme is focused on assisting Members in ensuring that their tankers are top performers in terms of tanker safety and performance. Through our engagement with OCIMF/CDI, charterers and vetting agencies, we ensure policies are developed in the spirit of the SIRE system, i.e. a common ship inspection acceptable to all resulting in reduced inspection costs. Further, INTERTANKO’s widely used Vetting Guide will be published in its 11th edition in September, paired for the first time with a new sister publication aimed directly at seafarers.

• Ballast water management: We are assisting Members in complying with current and future regional and international ballast water discharge requirements and monitoring the likely entry-into-force date of the IMO Regulation.

• Payment Performance System: INTERTANKO’s new Payment Performance System offers Members the opportunity to compare their freight and demurrage payment experience with fellow members and between different charterers they have fixed with.

• Crew competence: We are developing and monitoring appropriate training requirements for seafarers to ensure they can properly operate ECDIS and ballast water management systems on board tankers.

We are also monitoring and updating, as necessary, the Tanker Officer Training Standards (TOTS) to ensure it becomes an accepted industry standard, and influence oil companies and charterers, that have developed officer matrixes for tankers they charter, to ensure reasonable requirements and, when appropriate, the acceptance of alternative requirements.

• Refugees: We are working with decision makers to take the appropriate steps to mitigate the growing problem of rescuing refugees at sea and assist Members in addressing the problem on their tankers.

Just some of the issues on the INTERTANKO agenda for the year:

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Message from our Chairman Nikolas P Tsakos

Dear industry colleague,

INTERTANKO is an organisation my family and I have been involved in for more than 25 of its 45-year history. We know first-hand the organisation’s value and values, and are absolutely committed to its continuing success.

I would like to salute the work of my predecessor, Graham Westgarth. In difficult economic times he led the organisation, and with the support of the Council, Executive Committee, Secretariat and Membership has set it on a more commercially focused course without abandoning its traditional roles.

My aim is to maintain INTERTANKO as a high-quality organisation for high quality owners committed to safe and environmentally responsible operation.

I plan on re-recruiting those that were lost to the association for economic reasons. INTERTANKO will remain sensitive to the differing needs of all its members, and I want to broaden our appeal among owners of smaller fleets, who face the same challenges as larger operators.

We will further develop work already underway to support our Members with high quality data, statistics and timely information. I will be encouraging increased participation from, and greater diversity in, our membership. Geographically, we are keen to strengthen our Asian presence and voice.

As professionals, we are looking to increase the attractiveness of the association to commercial people. One of many new initiatives coming along that will make a big difference to our Members is encouraging charterers to make partial payment of freight at the start of a voyage to at least put us partly in step with other shipping sectors.

Our new Payment Performance System (PPS) is a database for Members to enter freight and demurrage settlement details, allowing them to differentiate timely and reluctant payers, and allowing us to have more constructive, even pointed discussions, with charterers on behalf of our Members.

As our membership diversifies into LNG and LPG transportation, so we will focus more on these markets and providing a home for those operators looking for an association focused on gas tanker operations.

Perhaps one of my achievements leading Tsakos Energy Navigation into the public markets has been to give traditional Greek shipping a corporate face. In the same way, we will reveal more of INTERTANKO’s commercial face while continuing to enhance its well-known technical one.

Thank you in advance for your support.

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Message from our former ChairmanGraham Westgarth

Nikolas Tsakos (left) and Graham Westgarth

pictured together in Dubai, November 2014

Dear industry colleague,

Some time ago, INTERTANKO adopted as its mission statement: ‘Leading the way. Making a difference’. It’s a useful yardstick both to measure the progress of the organisation over the five years I have led INTERTANKO as chairman, and also to assess the fitness of the organisation for the challenges of the next 45 years.

To lead, an organisation has to adapt to changing circumstances and anticipate upcoming challenges. Our ability to do so over the last five years has been demonstrated in our engagement with our Membership as well as with the wider industry and through the enlargement of INTERTANKO’s services to embrace again the tanker industry’s commercial facets.

Our greatest achievement has been in building up an unrivalled human resource across our executive and in our committees. In Kathi Stanzel we have an outstanding Managing Director with the drive, intelligence and international experience to lead our organisation well into the 21st century.

We continue to be influential at IMO and the industry at large. INTERTANKO was instrumental in working with various Flag States on ballast water legislation, resulting in a review and revision of the type-approval guidelines.

The organisation’s standing and reputation among its peers is at an all-time-high. To take one example, consider the role INTERTANKO played in leading the SaveOurSeafarers (SOS) campaign. Visit the SOS website and you will see the largest concentration of associations that have ever signed up to any one campaign. I think INTERTANKO should be proud of that as it was the body that really pushed the agenda.

Our extra commercial focus does not denote a downgrading of our technical offering — far from it — as even a cursory reading of this publication will reveal Rather, it reflects an understanding that a rapidly changing market needs a commercially literate industry association in its corner.

Now is an exciting time to renew and redouble our commitment to INTERTANKO’s expanded agenda, which will be of benefit to all. Equally important, is that we all do our part in communicating INTERTANKO’s value, both inside the tanker industry and beyond.

My successor inherits a ‘match fit’ organisation with the trength and depth to truly lead and make a difference this year, next decade and beyond. He and INTERTANKO can count on my absolute support.

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Your organisation Greater than the sum of its parts…

Regional panels The five regional panels ensure that important regional issues and perspectives are captured and brought to bear in the Association’s work, in order to inform and enrich INTERTANKO’s global view of key industry issues. Most regional panels meet twice yearly under an elected chairperson supported by a member of the Secretariat who also serves as a regional manager and first contact for Members. (See pages 14-15)

CouncilOur Council of Members is the Association’s main governing body. Council’s role is to set and agree policy, to elect members of the Executive Committee and to determine annual membership fees. Council meets twice each year.

Chairman The Chairman is a member of INTERTANKO’s Council and elected by Members for a two-year period. He is the figurehead of independent tankers owners, representing INTERTANKO’s Membership at the highest level; he also chairs meetings of the Council, the Executive and Management Committees.

Organisational effectiveness is underpinned by strong governance and effective internal and external communications. Direct Member engagement in all areas of INTERTANKO activities is the foundation of the organisation’s credibility and the respect and recognition it is afforded by others in the industry and beyond.

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Member Committees Twelve Committees and Sub-Committees meet on a regular basis to harness the collective knowledge of the Membership and address issues of importance to Members. The Committees help to promote Members’ interests with governmental and non-governmental bodies and other stakeholders including environmental groups and the general public. Each Committee works to specific terms of reference, vetted and approved by Council and meets twice yearly under an elected chair person, supported by the Secretariat. (See pages 16-27)

Secretariat The Secretariat is made up of industry professionals and support staff with complementary skills and experience dedicated to assist Members and organise Association activities. With representation in London, Oslo, Singapore, Washington and Brussels, the Secretariat manages and coordinates the workings of 12 technical and three governance committees, as well as five regional panels. (See pages 28-29)

Executive Committee The Executive Committee guides the Secretariat in the implementation of directions given by Council. It also assists the Managing Director and Secretariat in conducting the Association’s affairs. The ExCom meets three times each year.

MembershipThrough the Committees, INTERTANKO harnesses the collective knowledge and expertise of its Membership in order to best provide information, advice and representation in the following areas:

• Human Element Issues• Tanker Safety and

Performance• Marine Operations,

Navigation and Ports & Terminals

• Technical Matters• Environmental Issues• Chemical Tanker Operations

• Legal, Insurance and Documentary Issues

• Worldscale and Tanker Markets

• Vetting issues• Issues of commercial

sustainability

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Your Services A portfolio of services as a forum provider, an advisor and champion

Your Secretariat’s primary aim is to deliver services which add value to the day-to-day and long-term business interests of INTERTANKO Members. Our 20-member, multi-discipline team (see pages 28-29) offers wide-ranging skills and experience in delivering a broad portfolio of services from our offices in London, Oslo, Singapore, Washington and Brussels. These services reflect the three key, inter-related roles the Association fulfils – as a forum, an advisor and as a champion.

Right people, right time, right place, right issuesOur challenge is to ensure that our Members have the opportunity to engage with fellow Members to discuss and formulate the policies and best practices which help shape the tanker industry now and in the future. Given the dynamic nature of tanker shipping and the competing pressures of our Members’ working realities, every effort is made to ensure that the right issues are discussed by the right people, at the right time and at a convenient place.

How? Designated members of the Secretariat are responsible for managing 12 Committees, 11 of which are policy making. All committees are made up of specialists in their field drawn from our Members worldwide. Further information on the current leadership, participating members, aims and objectives, and the current and future areas of focus for each committee are presented on pages 16 to 27.

Your Secretariat also organises regular meetings for five Regional Panels. These provide the Membership with the opportunity to be updated on key issues of the day, to discuss these topical issues from a regional perspective, and to review and comment on policy items on forthcoming Council agendas. Further information on the Regional Panels is presented on pages 14 & 15.

The Secretariat also organises an annual Tanker Event, Association Annual General Meeting and Council and ExCom sessions.

Operational assistanceINTERTANKO is often asked to provide guidance to help Members deal with different interpretations of SOLAS, MARPOL and other conventions, rules and regulations affecting tanker operations on a day-to-day basis. By way of example, our Marine Director, Phil Belcher, was asked by a Member to help clarify what is actually meant by the term “stored energy” in the deployment of survival craft. As Phil explains: “A Member approached INTERTANKO recently about a Port State Control (PSC) ‘observation’ received by a ship calling (insert name or area). The PSC official was arguing that a hand-powered winch did not constitute stored energy and was suggesting expensive modifications to the ship’s storage and deployment arrangements. Clearly, in our opinion, the human power deployed by a ships’ crew forms an essential part of the stored energy at the Master’s disposal. Our advice was instrumental in resolving this potentially expensive problem which may have had a big impact on INTERTANKO Members.” Phil also comments: “We receive questions on operational matters on a regular basis and the potential ramifications may be large and potentially very costly. My simple message is: “if there is something which doesn’t appear to make sense in the way regulations, local, national, regional or global, are interpreted, INTERTANKO is here to help.”

FORUM PROVIDER

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Making best use of INTERTANKO Members’ collective experience and expertise

Our challenge is to ensure that we make best use of the formidable experience and expertise of our body of Members in diverse and specific areas of tanker operation. This unrivalled reservoir of knowledge, connections and relationships helps INTERTANKO to stand apart from other associations and keeps it at the forefront and a step ahead of the changes and challenges posed by regulators and other stakeholders. This vast pool of knowledge and the decades of experience in our Committees are drawn from our Members who provide experts in their field to work together to formulate INTERTANKO policy which is drafted up for consideration by our governing bodies.

We collect data from our Members and from other respected sources and make added-value, proprietary information available exclusively to our Members via our website and on-line databases.

This data includes:• Lost Time Indicators (LTIs)• TMSA performance indicators• Terminal vetting statistics• Confidential Accident Reporting (CARP)• Optimum vessel speed calculations• Ship vetting statistics• Bunker quality information• Freight market indicators• Freight/demurrage payment performance We can also deliver bespoke assistance and services to individual Members.

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Your Services A portfolio of services as a forum provider, an advisor and champion

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The Secretariat runs a Freight & Demurrage Information Pool (FDIP) which assists participating Members to resolve freight and demurrage claims. The FDIP collects $2-3m a year on behalf of Members.

As part of INTERTANKO’s commitment to actively promoting sustainable tanker shipping, we recently launched a new Payment Performance System (PPS). This online, password-protected system is accessible via www.intertanko.com and allows participating Members to see who the best performing charterers are, how freight and demurrage receipts and speed of recovery compare with other participating Members, as well as what payment delays are costing the Member.

The system also enables INTERTANKO to use real statistics on payment delays when engaging charterers in dialogue about necessary improvements in payment times. In this way KPIs can be used to measure the behaviour of individual charterers.

In addition to the expertise inside the membership, the Association also offers Members the opportunity to draw on the expertise inside the Secretariat. The experienced mariners, lawyers, marine engineers, communications experts, economists and environmentalists each have a wide professional network and can access a broad range of useful contacts worldwide on behalf of Members. If we don’t have the expertise in-house to assist you, we will surely know someone who can. INTERTANKO opens doors.

INTERTANKO can offer:

• assistance when ships are detained — minimising the effect of a detention or assisting in proving the case for removal of the detention• assistance when ships encounter problems with port authorities generating delays• assistance with unjustified vetting survey observations• guidance on new regulations, particularly their application to existing ships.• advice on cargo-related matters (protective measures, reducing disputes and the need for arbitrations) • advice on implementing Best Management Practice Guidelines when ships are transiting the Indian Ocean or Gulf of Aden.

Additionally, we can be called upon to offer legal advice on commercial and operational issues. Our General Counsel is on hand to offer advice to individual Members who may be unaware of their rights in a particular issue or unsure of the way forward in pursuing a legal matter.

Commercial CloutINTERTANKO assists its Members on commercial as well as technical and operational issues, in ways that are effective in good markets as well as in bad. Our recently created Payments Performance System (see main body) demonstrates that the cumulative impact of late freight/demurrage payments on a fleet of 10 tankers is around $500,000 a year based on typical fixture data. Also within this commercial remit is our Freight and Demurrage Information Pool (FDIP) (again, see main body). “Our role is to chase undisputed debt on an individual basis for Members,” says our General Counsel Michele White. “After five frustrating months and 26 chasers, we took on an undisputed but unpaid $450,000 demurrage claim which, exactly one month later, was settled in full.”

Your Services Leading the way, making a difference

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Your voice

Your Secretariat strives to maintain and build on the strong working relationships it has established with legislators and other key stakeholder groups, and the trust and respect that goes with them. Our primary aim is to ensure that the concerns of our Members are articulated, listened to, supported by business logic and acted upon as a component of the ongoing international, national and regional regulatory change programme which encompasses all aspects of tanker design, construction, operation and decommissioning. Our aim is not to obstruct, but to ensure that the outcomes are fair to all parties and that they are based on good sense and will work in practice.

Our advocacy is founded on practical working experience and the strong reputation of our Members. We are committed to finding practical working solutions as the tanker industry strives to design and deliver best practices to manage day-to-day operational challenges. In practice, our specialists within the Secretariat manage a wide-

ranging programme of technical, operational, human element, safety, environmental and security changes.

This broad programme currently encompasses in particular:

Commercial sustainabilityMany Council members have now publicly signed INTERTANKO’s tanker industry voluntary Code of Conduct demonstrating a commitment to honesty, integrity, respect and good citizenship in tanker chartering.

SafetySafety issues include tanker design/construction, machinery and equipment, fuel quality/sampling, and cargo properties

EnvironmentOur work on the impending Ballast Water Management Convention has helped to bring about an MEPC Resolution which agrees to mmediately begin a comprehensive review of G8 guidelines and not penalise shipowners that have already installed BWMS approved to existing guidelines.

A legacy of achievementThe joint campaign between OCIMF and INTERTANKO during 1999 - 2001 was the origin of many improvements of class regulations, procedures and activities. Some of them were eventually taken over through IMO regulations. These improvements have resulted in significant savings for members in terms of better quality ships and service and in ensuring a level playing field in terms of quality of tanker tonnage. These main issues that OCIMF and INTERTANKO were pushing for are “business as usual” today but were not commonplace 15 years ago:• Common standards of newbuilding on tankers; corrosion margins to be explicitly stipulated in the class rules

(achieved)• IACS Unified Requirements (URs) to be applied by all IACS members with no reservation (achieved)• UR for good standards for coating of ballast tanks (achieved through IMO regulation)• UR for coating of top and bottom of COTs (achieved through IMO regulations)• Include voluntary CAP notation elements into the regular Survey programme (achieved through Enhanced Survey

Programme, lately adopted by IMO as well)• Transparency on Survey Results with full details of items surveyed, results and corrective actions. Special Survey

restores a tanker to be fully fit for purpose without condition of qualification relating to condition of its structure (achieved as part of ESP)

• Significant improvements on the IACS Transfer of Class Agreement with specific obligations of previous and new class societies to avoid class hopping (achieved as IACS ToC ensures now full transparency of documentation)

Your Services Leading the way, making a difference

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Our leading role in drafting submissions led to an MEPC agreement to develop guidelines for IMO Member States to ensure fuel quality compliance with MARPOL Annex VI and agreement also to consider the adequacy of the current legal framework for assuring fuel quality which will help ship operators to meet ECA requirements.Also our role in GHG issues where we are intervening on proposed rules for monitoring, reporting and verification (MRV) of the quantity of CO2 emissions from ships — proposed EU rules are being discussed at IMO; and on air emission reductions involving the quality of ship emissions (SOx, NOx, particulates, etc) and in particular ECAs and how they affect Members in practice.

Human Element/SeafarersINTERTANKO has published a best practice guide for cadets based on a survey of the experience of cadets currently in service on Members’ vessels. The scope of the guide encompasses practices relating to the recruitment, welfare and, critically, retention of cadets.

Assistance is also being provided to help resolve issues relating to the difficulties experienced in landing seafarers in need of medical attention.

Operations/PiracyINTERTANKO continues to play a prominent role in the development and publication of guidelines for owners, operators and masters for protection against piracy in the Gulf of Guinea region. The new guidelines, produced in conjunction with fellow Round Table organisations, bring together best practices and advice on how to operate ships in a particularly challenging environment.

Operations/VettingVetting is the licence to trade for every one of our Members. Through its close working relationships at all levels with OCIMF, CDI, PSC MoUs, individual oil and chemical companies and oil traders, Port State Control authorities, INTERTANKO can offer its Members timely advice and practical assistance.

INTERTANKO’s unique Vetting Guide, published every second year, offers guidance on vetting company by company. It will publish this year its Vetting Guide for Seafarers to give practical advice and assistance to those at the sharp end.

INTERTANKO recently organised vetting seminars in Tokyo and Manila, attended by audiences of over 1,000 seafarers and further events are planned for India and Greece.

Technical assistance: Dealing with problems at the land-sea interfaceINTERTANKO works tirelessly to ensure that IMO (and other) regulations are workable in practice. Many technical guidelines have been published: these help Members to save money, and support their cause in difficult technical disputes with yards, Class, and Port State or Vetting inspectors. However, despite these efforts, out in the rough and tumble of day-to-day tanker operations, INTERTANKO is involved with technical issues arising at the land-sea interface where rules and regulations may be working in a way that is neither practical nor fair for our Members. Technical Director Dragos Rauta, who has been ‘on call’ to address such issues for many years, highlights some recent incidents where INTERTANKO has been able to intervene, to the benefit of its Members. He cites: • A Member’s tanker was prevented from calling at a

European port because it was unable to have 0.1% sulphur fuel on board due to the non-availability of low-sulphur fuel. INTERTANKO called the port authority, clarified that the owner had done everything possible in the circumstances to obtain low-sulphur fuel, and reminded them that the regulations allow flexibility for cases where an owner has made its best efforts to obtain the requisite fuel. The authority decided not to penalise the ship and allowed it into port.

• A Member’s tanker arrived at a US port to discharge cargo late on a public holiday with an expired Tank Vessel Examination Letter (TVEL). INTERTANKO contacted the Port Captain, and because the Member and his ship had excellent records with the USCG, the Port Captain allowed the tanker to proceed with cargo operations and leave the USCG inspection until after discharge. The owner avoided delay costs of close to US$70,000.

• A Member’s suezmax, arriving in port, received a vetting ‘observation’ concerning its mooring arrangement which was evaluated as being not as required by industry standards, and therefore the ship was deemed unacceptable. INTERTANKO discussed this mooring arrangement with the Vetting Authority, and it was agreed that it was in fact equivalent to industry standards, opening the way to vetting clearance for the vessel. This intervention avoided costly offhire time for the Member.

Dragos stresses: “Over the years we have witnessed an increasing number of requirements which require considerable pre-visit planning by Members’ Masters and senior officers. Moreover, we expect the burden to increase in the future as the stakeholders involved have an increasing influence over operational turnaround.”

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Operations/Places of Refuge:INTERTANKO has submitted a paper to the IMO MSC on places of refuge. POR is a major issue for the tanker industry and we advocate that coastal state authorities put plans in place to ensure that the circumstances for granting access to a POR in a timely manner are clear.

Information hubINTERTANKO’s information and advisory services include our weekly newsletter, a range of other web-based services as well as workshops and seminars. We also produce publications, specialising in technical, operational, environmental and documentary issues and best practice, see right and page 30.

INTERTANKO’s web-based services are available to Members and Associate Members on www.intertanko.com, where you will find:

• Information about the Association and its activities and ongoing work• Member/fleet information• Committee/Regional Panel information

• Newsdesk with searchable archive of our weekly newsletters.

PublicationsINTERTANKO’s publications are held in high esteem throughout the industry. The Association will this year release the 11th edition of its Guide to the Vetting Process, as well as plans to publish a dedicated vetting guide for the seafarers’ themselves. Members are entitled to a 50% discount off the price of all INTERTANKO titles.

Since 2013 INTERTANKO’s publications have been distributed and sold by our printing partners, Witherby Seamanship.

You can find more details on our publications at www.witherbyseamanship.com

Environmental assistanceINTERTANKO continues to play an important role in the interpretation of the international, regional, national and local regulations governing compliance with environmental protection.

As an example, the increasing variation and interpretation of on board waste managamenet rules and regulations pose a significant challenge to tanker operators particularly for members seeking to go beyond simple compliance and so minimise waste production as much as possible. In the case of grey water and boiler/economiser wash down water, the Association’s recently published guidance and best practice documents reflect the day-to-day challenges that our Members face and serve as a reference to industry accepted best practices. As explained by INTERTANKO’s Regional Manager – Asia-Pacific, Tim Wilkins, who specialises in environmental matters: “What we do is look at what is in the regulatory pipeline, listen to the issues raised by our Members and then do the necessary leg work to prepare the guidelines our Members need to engage with agents, PSC, vetting inspectors, terminal operators and other stakeholders. He adds: “In this way third party disputes can be resolved quickly and effectively including a recent situation a Greek Member found itself in when dealing with a USCG PSC Inspector who was misinformed about greywater regulations”. Aside from interpretation, INTERTANKO’s work in the environmental protection field is extending into operational efficiency as the tanker industry, and other sectors, face a more prescriptive approach to regulatory compliance. As Tim explains: “At a recent seafarer seminar of one of our ship management members we explored the improved efficiency in the management of legislation by having common understandings and summaries of piecemeal or poorly developed legislation. With the extensive expertise and experience within INTERTANKO’s technical committees providing the platform, INTERTANKO can produce well researched and concise summaries of environmental legislation, whether it is international, national or even port specific. All of this should assist in quickly allowing members to understand a particular requirement without having to undertake days or weeks of research and consultation.”

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The main aims for INTERTANKO’s Regional Panels are as follows:

• Providing a forum for regional members, to facilitate better communication between themselves and the Association; to promote the sharing of experiences; to enhance their understanding of, and their involvement in, the Association’s activities, including the work of the Association’s other committees• To promote the objectives, policies and strategies of the Association in the region, with respect to free competition, safety at sea and the protection of the environment• To promote the activities, priorities and concerns relative to the overall activities of our governing bodies and committees • To be a conduit for regional members to provide input to INTERTANKO’s work programme and to examine and review issues that could be submitted to Council• To promote interaction between industry, governmental and environmental bodies in the region• To examine and review regional legislative proposals and activities affecting the whole membership• To assist Council by performing an initial screening of applications from the region for INTERTANKO membership• A panel chairmen may also participate in the INTERTANKO Detention Review Board as appropriate if the Member under review is from that region• The Chairmen of the Regional Panels may be invited to attend Executive Committee meetings to assist information flow.

YOUR Regional Panels

LATIN AMERICAN PANEL

Chairman: Carlos Juan MadinabietaTradewind Tankers Secretary: Joe Angelo

“The INTERTANKO Latin American panel is the voice of the independent tanker owners in the Latin American region. Our goal is to increase our membership by encouraging the many small independent tanker owners in the region the join INTERTANKO.”

NORTH AMERICAN PANEL

Chairman: Oscar Pinto, Valles Steamship (Canada)Secretary:Joe Angelo

“I encourage members of the panel to unite and share experiences and ideas, so that we can better learn from each other and meet the challenges facing the tanker industry in the most efficient and economic manner for the good of all of us.”

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ASIAN PANEL

Chairman: David Koo, Valles SteamshipSecretary and Regional Manager:Tim Wilkins

“I believe the Asian Panel allows the Association’s Asian voice to be heard on all the key international issues being considered by INTERTANKO. At the same time it is committed to working on those issues which are specific to the region and which those members based in Asia have the expertise to deal with and work on behalf of the membership globally.”

EUROPEAN PANEL

Chairman: Lars Mossberg,Marinvest ShippingSecretary: Phil Belcher

“The European Panel is a vital component in the process of ensuring that the voice of the whole membership is heard at the highest level and a place where the very best practice is discussed, developed and disseminated.”

HELLENIC MEDITERRANEAN PANEL Chairman: Vasilis Bacolitsas, Sea Pioneer ShippingSecretary:Bill Box

By coming together with our thoughts on the issues of the day, by offering our experiences for the good of all, I believe that we can make a difference to the benefit of INTERTANKO members and the tanker industry worldwide. Seeing this, I hope that those who are not yet members will perceive the value of INTERTANKO and join our steadily growing association.

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ASSOCIATE MEMBERS ��

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Your Committees

ASSOCIATE MEMBERS ��

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Member Engagement

Main aims:• To provide a forum for Associate Members to contribute and benefit fully from their membership of INTERTANKO, to get their issues and concerns debated, and to interact with the membership.• To assist the Association’s governing bodies by contributing relevant issues/topics and organising appropriate events.

Main issues: • Main issues dealt with• Screening of Associate Member applications

• Increasing Associate Membership• Enhancing Associate Membership participation in INTERTANKO events• Increasing INTERTANKO Members knowledge and use of Associate Members capabilities

What is the Committee looking to achieve in 2015?• Increasing Associate Membership and increase Members knowledge and use of Associate Members’ capabilities.

Brad L. Berman (Chairman) Norton Rose Fulbright Dimitri A. HouliarakisABSKarl LumbersUK P&IBasil G. MavroleonCharles R. WeberWilliam OsmerTesoro Maritime CompanyMichalis PantazopoulosLISCRDenis PetropoulosBraemar SeascopeSaurabh SachdevaBPDavid UsherMarine Pollution Control Corporation

Members:

Associate Members Committee

“The Members of INTERTANKO recognise that their shared community of interest strengthens their individual businesses. The Associate Membership Committee provides a voice for the various links in the chain of tanker responsibility to INTERTANKO’s Members, Council, Executive Committee and Secretariat.” Brad L. Berman, Chairman

INTERTANKO’s Committees are made up of specialist representatives from member companies worldwide who come together to pool their expertise and experience in the interest of all Members, to formulate INTERTANKO policies and present them to Council for approval and for use as part of global tanker industry policy.

The Committees work alongside tanker industry counterparties such as:

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• International Maritime Organization (IMO)• International Oil Pollution Compensation Funds

(IOPC Funds)• European Commission (EC), and European

Union (EU) in general• United States Coast Guard (USCG)• Port State Control Memorandums of

Understanding (PSC MoUs)• Oil Companies International Marine Forum

(OCIMF)• International Association of Classification

Societies (IACS)

• International Group of P&I Clubs (IG)• International Union of Marine Insurance (IUMI)• International Parcel Tankers Association (IPTA)• Federation of Oils, Seeds and Fats Associations

(FOSFA)• Worldscale Association (WS)• International Bunker Industry Association (IBIA)• European Petrochemical Association (EPCA)• International Chamber of Shipping (ICS)• Baltic and International Maritime Council

(BIMCO)• Intercargo

Human Element in Shipping Committee (HEiSC)

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Main aims:The Human Element in Shipping Committee’s aim is to foster the interests of INTERTANKO Members in the role of the human element in the adoption of industry best practices for the safe operation of tankers; in the adherence to strict compliance with operational and environmental regulations and practices; and in its contribution to the achievement of the long-term goals of INTERTANKO: • To promote best practice and standards beyond mere compliance with regulations, as well as the utilisation of personnel with the highest marine skills and competence.• To lead the continuous improvement of the tanker industry’s performance in striving to achieve the goals of: zero fatalities, zero pollution and zero detentions.

Main issues: • Maritime Human Resource Management• Safety Culture• Tanker Officer Training Standards (TOTS) revision to a competency- based system• Seafarer health issues• The Human Element in regulation• Cadet recruitment

What is the Committee looking to achieve in 2015?• Revision of TOTS to create a competency-based system• Development of a position paper on safety culture• Development of a Maritime Human Resources tool• Provision of world-class advice to IMO on the human element

Tommy Olofsen (Chairman) OSM Maritime GroupMs. Claire Pekcan (Vice chair) Warsash Maritime AcademyGeorg Buseman Columbia ShipmanagementCapt. Pradeep Chawla Anglo-Eastern Ship Management Capt. Andrew Cook VShips ManagementDimitris Fokas Maran Tankers ManagementSartaj Gill Thome ShipManagementMrs. Stella Kazamias Interorient Marine ServicesDavid Oldfield Bernhard Schulte ShipmanagementMs. Luciana Maccarrone d’Amico Societá di NavigazioneCapt. Fabrizio Mazzucchi Finaval SpAIgor Segeda Stolt TankersStelios Siafakas Product Shipping & TradingMs. Michelle Staunton MOL Tankship ManagementOleg Stepanov Novorossiysk Shipping Company (Novoship)Dr. Christine Tomlinson ABS Marine ServicesTheodoris Vardikos Interunity ManagementAlexander Walster RHL Hamburger Lloyd Tanker GmbH Mrs. Carina Wermelin Laurin Maritime

ObserversCapt. Timothy Crowch Advanced System Safety ManagementCapt. Moisés De Gracia Chairman IMO’s Human Element working group Panama Maritime AuthorityMr. Erik Green Green-JackobsenJonathan Holloway, BG GroupDr. Patrick Routledge Seagull Maritime Information Technology LtdMarc Williams, UK MCA

Members “The HEiSC has developed into a world leading source of information and knowledge on the human element. HEiSC provides advice and guidance on many areas relating to the employment, regulation and health of seafarers. This body of work will continue to grow.” John Adams, Chairman

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“ISTEC, the INTERTANKO Safety and Technical Committee, is a major stakeholder in monitoring, shaping and developing high-quality technical and operational standards for tankers. The Committee’s strength is based on a rational combination of a widespread geographical and cultural membership representation and the high expertise and dedication of ISTEC members, boosted by a chemistry of openness and fraternity, built up throughout the many years of Committee’s function.” Takis Koutris, Chairman

Takis KoutrisRoxana Shipping SA, (Chairman)Bertil AnderssonLaurin Maritime AB (Vice Chairman)Sokratis DimakopoulosTsakos Columbia Ship Management (Vice Chairman)Douglas Lang, Anglo-EShip Manangement (Vice Chairman)Francesco BellusciScorpio Ship ManagementStamatis BourboulisEuronav Ship Management (Hellas) Andrew BrownInterorient Marine ServicesStavros DaniolosMinerva MarinePaolo EnoiziStolt TankersMunawar Fakhri MOL Tankship Management (Eur) Minas Giaouzis Thenamaris Ships ManagementDimitrios A Heliotis Target MarineOleg Kalinin Unicom Management ServicesDimitris Makris Springfield Shipping Co PanamaLars Pennman Concordia MaritimeB N Prasad Bernhard Schulte ShipmanagementPradeep RanjanUnivan Ship ManagementMaren SchroederExmar ShipmanagementFabio Tagliaviad’Amico Societá di NavigazioneKonstantinos VlachosConsolidated Marine ManagementNikolay N ZinenkoNovorossiysk Shipping (Novoship)

Members: Main aims:• Promote safety at sea and the protection of the environment through communication and sharing experience.• Foster co-operation with the IMO, IACS, OCIMF, ICS and other recognised bodies involved with tanker safety and the protection of the environment.• Represent INTERTANKO at IMO and other industry fora so as to ensure proper representation on appropriate committees and working groups developing safety and environmental legislation and regulation.• Advise on aspects of safety, environmental protection operation of tankers and training in order to promote efficient and professional ship operation.• Assist Council and Executive Committee with developing technical standpoints and policies for INTERTANKO.

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INTERTANKO Safety and Technical Committee (ISTEC)

Statutory & Class• Testing of Watertight Compartments.• Measurement, Reporting and Verifications (MRV) — EU & IMO rule development *.• Ballast Water Management Systems (BWMS) *.• IACS Unified Interpretations and Unified Requirements.• Bunker tanks in cargo area of tankers• ECDIS IMO United Interpretation

New Building• NOx Tier III• IGF Code & Working Group on Alternative Fuels• Measurements of changes in hull and propeller performance – new ISO standard• Eco-ships – Members’ experience with performance of new buildings, including the installed power. *

Fleet management• Garbage Management–Boiler wash down water as slurry – MARPOL Annex V *• Working Group on Integrated Bilge Tank Systems (IBTS)• Technical and operational challenges to switch to MGO (e.g. LOP incidents)• Standard for on-board / engine room sampling• Post Dry-docking Checklist (or dry- docking completion list)• Inspection of COT – VIQ

* items jointly addressed with the Environmental Committee

What is the Committee looking to achieve in 2015?Continuing as the leader on safe and environmental operations for tankersTo further strengthen the cooperation with OCIMF’s Marine Technical Sub-Committee.

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Bunker Sub-Committee

Main aims:• Encourage a better understanding of bunker- related issues among Members.• Provide guidance for the promotion of the interests of Members with regard to bunker issues, including health and safety as well as environmental protection issues.• Keep Members updated on a regular basis.

Main issues:• Bunker Quality – Confidential Bunkering Dispute Reporting• Inspection Guidelines for the EU Sulphur Directive• Standard for onboard / engine room sampling• Review of Bunker Contracts • ECA fuel availability• Onboard system upgrades and operational changes to switch to MGO• Mass Flow Meters mandated on bunker barges in Singapore• New fuel types with ultralow sulphur content

What is the Committee looking to achieve in 2015?• Progress on the development of a guidance by IMO for quality control of fuels delivered to ships• Concrete monitoring of ECA enforcement and challenges with feedback to the appropriate stakeholder

INTERTANKO Offshore Tanker Committee (IOTC)

Main aims:• Represent the interests of owners of shuttle tankers, FPSOs and FSUs• Provide regulatory updates• Be a forum for the exchange of safety information• Develop training programmes and address common safety issues.

Main issues:• Undertaking research into causes of accidents and accident prevention• Forum for exchange of safety-related information on topical issues• Application of MARPOL Annex 1 requirements to FPSOs and FSUs• Deepwater drilling• Incident Reporting• Competence requirements on shuttle tankers• Guidelines for Vessels with Dynamic Positioning Systems• NI and DNV Certification schemes• Oil & Gas UK — revision of Tandem Loading Guidelines

What is the Committee looking to achieve in 2015?• Continuous improvement of standards based on experience.• Consistency of application of standards in all relevant offshore regions.

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“I encourage operators of shuttle tankers, FPSOs and FSUs, and Members of INTERTANKO to share experiences and ideas to the benefit of safe operations at offshore location and for raising the bar of offshore peoples’ training”. John Einar Dalsvaag, Chairman

“The INTERTANKO Bunker Sub-Committee is an excellent and professional forum ensuring proper interface between the appropriate stakeholders such as tanker owners, bunker suppliers and their association IBIA as well as representatives of main fuel test laboratories.” Klaus Stamp, Chairman

Members:Klaus Stamp (Chairman), Dampskibsselskabet NORDENBertil Andersson, Laurin MaritimeStavros Daniolos, Minerva MarineNigel Draffin, IBIAMichael Green, Lintec Testing ServicesPeter Hall, IBIATrevor Harrison, IBIAPanos Kourkountis, Andriaki ShippingTrevor Leney, Andros Maritime Agencies

Bjoern Olav Odland, Veritas Petroleum ServicesJonas Õstlund, Wilhelmsen Ships ServiceMark Pearson, Maran TankersPatrik Pettersson, Stena OilGlenn Ralston, North of England P & I George Saroglu, Tsakos Energy NavigationR. Vis, ViswaLabTimothy Wilson, Lloyd’s Registers

Members: John Einar Dalsvaag (Chairman), Knutsen OAS ShippingMarco Ahrens, Canship UglandPetter Andrup, RS PlatouOve Berntzen, A/S J Ludvig Mowinckels RederiTorfinn Buarøy, Bergesen Worldwide OffshoreGiovanni Cobau, PremudaMauricio N V dos Santos, Petrobras TransporteJohn Harding, Northern Marine Management

John W Lovell, Alliance Marine ServicesHilmar Lund-Andersen, Knutsen OAS ShippingClaus Mørch, Anders Wilhelmsen & CoSigbjørn Oaland/Stig-Morten Helland, Teekay Maritime ServicesDouglas Rowat, Northern Marine ManagementKees van Beveren, Bluewater Group of Companies

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“The Vetting Committee provides INTERTANKO and the industry with an extremely valuable resource on ship-inspections and Marine Risk Management in general. Its various achievements over the years, not just in the area of ship-vetting but also in helping manage costs of inspections from a commercial sustainability viewpoint underscore the commitment and professionalism of the members”. Capt Michael Wilson, Chairman

Vetting Committee

Main aims:INTERTANKO’s Vetting Committee’s aim is to foster INTERTANKO Members’ interests in relation to inspections and screenings undertaken and performed by Port State Control, the United States Coast Guard, oil and chemical charterers, P&I Clubs, hull underwriters, and terminals, etc. with the long-term goal to reduce the proliferation of multiple inspections and the cost of ship inspections to the maximum extent possible. Costs of inspections should be transparent and justifiable. To this end the Committee will:

• Promote recognition for the statutory work performed by the Classification Societies with an emphasis on the IMO enhanced programme for the survey of oil tankers, e.g. The Enhanced Survey Programme (ESP), and the Condition Assessment Programme (CAS).• Promote recognition for owners’ maintenance programmes and self-assessment schemes.• Maintain an open dialogue with OCIMF/CDI and the oil and chemical companies to encourage input of INTERTANKO’s ideas.• Participate in relevant industry work pertaining to TMSA.• Produce relevant TMSA benchmarking systems for the benefit of INTERTANKO members.• Encourage co-operation and harmonisation between ship vetting systems.• Encourage the harmonisation of PSC targeting systems and the sharing of PSC detention information to assist with enhanced targeting.

• Encourage the harmonisation of PSC training standards.• Promote and encourage methods to maintain the integrity of PSC.• Encourage the use of CDI or SIRE by charterers, Port State Control and others to reduce the number and scope of inspections.• Promote and encourage the use of INTERTANKO’s Terminal Vetting Database• Share the information collated from INTERTANKO’s vetting inspection and PSC inspection feedback forms with interested parties who can use the information to continually improve.• Ensure that work of this group assists in achieving the long term goals of INTERTANKO.

Main issues: • Costs of Inspections• Accident Reporting database for industry• Terminal Vetting Database.• Review of the SIRE VIQ

What is the Committee looking to achieve in 2015?• Seafarer’s Vetting Training Guidance• Vetting Publication• TMSA — 3• Revision of VIFF/PSCIFF

Capt. Michael Wilson (Chairman) Laurin Maritime (America) Alan Johnson (Vice Chairman) NYK Line DubaiCapt. Stephen Hardy (Vice Chairman) Interorient Marine Services Capt. Jørn Andresen Dampskibsselskabet Norden Capt. Sergey Bilenko, Novorossiysk ShippingMichael Bradshaw, V. Ships ManagementCapt. Joseph Cheeran Bernhard Schulte Shipmanagement Capt. Ashley Cooper Scorpio Ship Management Sokratis Dimakopolous Tsakos Columbia Ship ManagementMario Grbic, Navigazione Montanari Peter Helm, Univan Ship ManagementCapt. John Hill, HeidmarCapt. Amit Jain, Unix Line Capt. Cong Jian, Dalian Ocean Shipping Capt. Dimitris Kalantidis Consolidated Marine Management Capt. Brian King MOL Tankship Management (Europe) Frank Lasse Bernhard Schulte Shipmanagement Capt. Evan Mackay Columbia ShipmanagementCapt. Rafael Montiel, TMM Division MaritimaHelge Olsen, Odfjell Capt. Svein Ommundsen, Frontline Dionysios Peppas Pantheon Tankers ManagementPatrick Russi, Stolt Tankers Capt. Jose A. Soto, UltranavStefanos Stylianos, Andriaki Shipping Capt. Domenico Savio Taiano d’Amico Societá di Navigazione Frans Ubaghs, Asterion Tanker Navigation Niels Vanlaer, Exmar ShipmanagementCapt. Atul Vatsa, Thome Ship Managemen

Members:

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EnvironmentalCommittee

Main aims:• To develop understanding on environmental issues.• To participate in an informed manner, so that the issues directly affecting tanker operations are better represented by INTERTANKO for the benefit of its Members.• To develop environmental policies for INTERTANKO to follow up at the IMO and elsewhere, and to be proactive in approach.• To establish effective dialogue with environmental groups.

Main issues:• NPDES – VGP• Ship Recycling• Biofouling and Antifouling• Port Reception Facilities• Environmental Performance and Benchmarking• Liaison with Environmental Organisations• Environmental Initiatives and Projects• Environmental Information Sharing• Ballast Water Management

• Garbage and Waste Management and MARPOL Annex V > Boiler/economiser washdown water and MARPOL Annex V > Integrated Bilge Tank Systems (IBTS)

What is the Committee looking to achieve in 2015?• Complete a review of MARPOL Annex V and the challenges for implementation, not least the inadequacy of reception facilities.• Complete a review of the Integrated Bilge Treatment System (IBTS) concept.• Issue guidance on modern antifouling systems.• Update guidance on Ballast Water Management.• Update the guidance on the EPA VGP Guidance

“It’s been a great couple of years acting as Chairman for this small and dynamic Committee. The depth of expertise in the Committee has allowed us to quickly develop sound and practical best management practices and guidance associated with every key environmental issue impacting the tanker industry today. The activity of this Committee is best illustrated by the growing interest of members to join and participate in this work.”Michael Reppas, Chairman

Michael Reppas (Chairman), Sea World Management & Trading

Jan De Brabandere, Euronav

Par Brandholm, Laurin Maritime (America)

Erik Carlsen Dampskibsselskabet NORDEN

Antonios Georgantzis Consolidated Marine Management

Marina Hadjipateras, Dorian (Hellas)

Oleg Kalinin, Unicom Management Services (Cyprus)

Ko Ko Naing, Northern Marine Management

Ole Christian Schroder, Scorpio Tankers

Stylianos (Stelios) Siafakas Product Shipping & Trading SA

Dimitrios A. Stamoudis, Minerva Marine

Fabio Tagliavia, d’Amico Societá di Navigazione

Members:

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Roger Restaino (Chairman), Stolt-Nielsen Capt. Veeresh Bahadur, Thome Ship Management Matthew Cox, Gearbulk (UK)Capt. Alasdair Campbell, MOL Tankship Management Capt. Eng Chuan Loo, MISC BerhadCapt. Stale Eide, Eitzen Chemical Svend Foyn-Bruun, Odfjell TankersCapt. Rohit Guliani, SelandiaCapt. Stephen Hardy, Interorient Marine ServicesMasakazu Hatano, Iino Singapore Torben Hertel, Eitzen Chemical Capt. Martin Hislop, Tokyo MarineHelal Jafri, Anglo EasternCapt Amit Jain, Unix Line Per Trysted Jørgensen, Eitzen Chemical Capt. Bill Lunn, Bernhard Schulte Lars Modin, International Tanker Management Mark Myles, Norbulk UKSteffen Tunge, OSMKostas Vlachos, Consolidated Marine Management Capt. Michael Wilson, Laurin Maritime

Chemical Tanker Sub-Committee Americas Members

Capt. Stale Eide (Chairman), Eitzen ChemicalRoy Bleiberg, ABS Marine Services Chris Desmond, Lloyd’s Register Capt. Stephen Hardy, Interorient Marine ServiceTorben Hertel, Eitzen ChemicalCapt. Martin Hislop, Tokyo Marine EuropeCapt. Soren C. Ibsen, Q88Helal Jafri, Anglo-EasternCapt. Amit Jain, Unix LineCapt. Iqbal Kazi, RightshipCapt. Hatano Masakuzo, Iino Singapore Capt. George Pontikos, Odfjell USAChris Mantooth, Chevron InternationalLance Nunez; DOW ChemicalRoger Restaino, Stolt-NielsenPhilip G. Rynn, ABS Marine ServicesCapt. John Salvesen, Odfjell USACapt Amarjit Singh, Aurora TankersArent Skjoldborg, Navig8 Ship Management Capt. Michael Wilson, Laurin Maritime

Chemical Tanker Committee members:

Insurance and Legal Committee

Members:Andreas Andreou, Columbia Shipmanagement (Chairman)Sozon Alifragis, Newfront ShippingMs Mariella Bottiglieri Guiseppe Bottiglieri Shipping Mike Littledale, V ShipsIngela Tengelin, Stena

Main aims:• To further the common interests of the independent tanker industry with regard to relevant insurance and liability issues• To act as a resource group for the INTERTANKO Council and other committees as well as the Secretariat• To act as a link between INTERTANKO and the insurance industry and its associations/ organisations.

Main issueNo meetings in 2014 but main issues remain — oil pollution; limitation of liability; criminalisation; sanctions; insurance — P & I /hull/war risk

What is the Committee looking to achieve in 2015?• Membership of Committee to reflect full cross section of membership to enable influence on decision makers/legislators on key areas of law/insurance. • Promote PhD study on criminalisation of seafarers for accidental pollution (will be finished in Nov 2015)

“The Insurance and Legal Committee is a small but experienced group that provides oversight on key insurance and liability issues as they affect the INTERTANKO membership. We enjoy healthy relationships with the insurance associations including the International Group of P & I Clubs and IUMI which means we can have constructive dialogue on issues relevant to INTERTANKO Members. We also launched the Insurance and Legal Forum in London, a well-attended initiative we plan to continue. Most recently we have been monitoring the operation of the IOPC Funds in the application of the CLC and Fund Conventions which lie at the heart of the oil pollution compensation regime for victim of pollution damage. It has thankfully been a quiet period recently, given there has been no major tanker spill.” Andreas Andreou, Chairman

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Main aims:The aim of the CTC is to further the interests of independent chemical tanker owners by being closely involved in the following areas:

• Commercial issues affecting the sustainability of chemical tanker industry.• National and global regulatory developments.• Pollution prevention and pollution liability issues.• Improvement of safety standards on board chemical tankers.

The CTC shall, in addition to acting as a resource group for the INTERTANKO organisation, whenever possible, act as a link between INTERTANKO and the chemical industry and its organisations. In its work the CTC is to pay due regard to relevant work being done by other INTERTANKO Committees and by other organisations and regulatory authorities. The CTC shall develop and continue dialogue with IMO, ICS, IPTA, CDI, FOSFA, EPCA and other organisations and co-operate with them, where it is found to be useful and beneficial for INTERTANKO chemical tanker owners.

Main issues:• Oxygen-dependent inhibitors• Carriage of Used Cooking Oils• Costs of Inspections• MSDS/SDS• Review of criteria for carriage requirements of cargoes in IBC Code.

What is the Committee looking to achieve in 2015?• Best Practices on Medical Testing and health monitoring of Crew• Guidance notes for “Common standards for tank cleaning”

Chemical Tanker Sub-Committee Americas (CTSCA)

Main aims:To further the interests of independent chemical tanker owners trading in North and South America by being closely involved in the following areas:

• Technical and operational issues affecting all chemical tankers trading to the region. • Local, national and international regulatory development • Pollution prevention and response issues • Improvement of safety standards on board chemical tankers trading in the region • Security issues specific to chemical tankers trading to the regionMain issues:• Application of Hazardous Substance Response Plans (HSRP) Regulations and Guidelines • Oxygen-dependent inhibitors• Liquid chemical substances and their categorisations (IBC Code)• Poor Reception facilities and associated costs

What is the Sub-Committee looking to achieve in 2015?The Sub-committee’s work has considerable overlap with that of its parent body – the CTC, but also:• US National Preparedness and Response Exercise Programme• Best Practices on Medical Testing and health monitoring of Crew

“The group of people representing all the leading owners/operators in the chemical tanker industry gives the committee a great depth and breadth of knowledge. This is very valuable, not only for the INTERTANKO membership, but also allows the committee to be proactive in dealing with and driving issues at IMO as well as at other national and port-state bodies, but also to reactively provide membership with advice on operational matters.” Roger Restaino, Chairman

Chemical Tanker Committee (CTC)

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“This is a key platform for INTERTANKO to liaise with organisations that affect chemical tanker operations in the Americas. Members of the sub-committee are drawn from companies that operate in the region and who have first-hand experience, knowledge and contacts with key regulatory as well as industry persons in the Americas.” Capt. Stale Eide, Chairman

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Worldscale and Markets Committee

Main aims: • Responsibility for looking into commercial challenges faced by Members.• To ensure that any schedule of nominal freight rates should be as useful for comparison purposes as is practicable.• To keep under review the Schedule of Nominal Freight Rates published by the Worldscale Association or any other standard of reference intended to be used for the comparison of rates and market levels.• To co-operate and develop a constructive dialogue with such interested parties in the tanker industry as may be useful to further the Committee’s aim.• To generate ideas and make recommendations, where appropriate, both in terms of policy and in specific cases.• To assist Members in their understanding of the Worldscale system.

Main issueThe most important issue on the agenda has been the use of ECA differentials to cover the extra costs for calling at ECA ports. It was agreed to ask the WS Association to change the text in the Worldscale book to better clarify that the use of differentials is based on a round-trip voyage.

What is the Committee looking to achieve in 2015?• WSMC is working for a better understanding of WS among people not directly involved in chartering and INTERTANKO will look at producing a short pamphlet to explain the basics of WS.• The WSMC also decided to review the INTERTANKO WS Guide last revised in 2010, to update it and make it more practical.

“The group of people representing all the leading owners/operators in the chemical tanker industry gives the committee a great depth and breadth of knowledge. This is very valuable, not only for the INTERTANKO membership, but also allows the committee to be proactive in dealing with and driving issues at IMO as well as at other national and port-state bodies, but also to reactively provide membership with advice on operational matters.” Tim Horne, Chairman

Tim Horne (Chairman), Teekay Shipping

Martin Baldock, Scorpio Ship Management

Michele Bottiglieri, Giuseppe Bottiglieri Shipping

Carlo Cameli, Fratelli d’Amico Armatori

Flemming Carlsen, d’Amico International Shipping

Leonidas Gripari, Andriaki Shipping

Tomoaki Ichida, Mitsui O.S.K. Bulk Shipping (Europe)

Peter Liew, AET UK Limited/MISC Berhad

Mark Linham, Eletson Maritime

Christian Østrup, Laurin Maritime

Alekos Pappas, Product Shipping & Trading

Members:

Main aims: • To further the interests of independent tanker operators in issues concerning chartering documentation• Review new chartering terms and charterparty forms for tankers• Liaise with other INTERTANKO Committees/Panels on issues affecting tanker chartering• Assist/advise on chartering issues and provide speakers for seminars organised by INTERTANKO• Produce publications on tanker chartering and charterparties

Main issues: • Worldscale/Sustainability/PPS• Bunker supply contracts • Bunker ECA surcharge clauses • Ebola clause • Piracy • STS • Facilitation/ anti-corruption• Chartering seminars

What is the Committee looking to achieve in 2015?• Continue to develop model clauses in response to current issues. • To provide public access to full suite of INTERTANKO Model clauses to promote use cross industry. • Promote the use of PPS to encourage prompt payment of demurrage. • Develop suite of chartering publications

“I was delighted to take over as Chair of this important committee in 2014. The need for INTERTANKO to monitor how charter party terms evolve in response to dynamic market changes is as important now as it has ever been and our committee will continue to work hard to develop and deliver the model clauses needed to protect the interests of our members. We welcome, therefore, the thoughts and idea of the wider INTERTANKO membership to ensure that we are aware of the ‘front-line’ issues between owners, charterers and other industry stakeholders.” Anne Liversedge, Chairman

Documentary Committee

Anne LiversedgeTeekay Corporation (Chair 2014-2015) William J Honan III (Chair 2014)Holland & KnightNikos AdamopulosMaran TankersProfessor Martin DaviesTulane Law SchoolRobert GayHill DickinsonDr Peter GloverNorton RoseFrode GrotmolNordisk SkibsrederforeningJonathan Hare Assuranceforeningen SKULD (Gjensidig)Michael HopeNorth of England P & IDavid InsoleClarksonsRajeev PhilipMansel OilJohn SalmonSovcomflot (UK)Frode J StornesOdfjellChris ThompsonEA Gibson

Members:

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Your INTERTANKO Secretariat

Bill BoxSenior Manager, Communications and External RelationsLondonT: +44 20 7977 7023 E: bill.box @intertanko.com

Phillip BlanshardManager, Publications and External Relations LondonT: +44 20 7977 7032 E: Phil.Blanshard@ intertanko.com

EXTERNAL RELATIONS ANDCOMMUNICATIONS

Joe AngeloDeputy Managing Director, Director of Regulatory Affairsand AmericasWashington DCT: +1 703 373 2269 E: joe.angelo @intertanko.com

REGULATORY AFFAIRS

Tor Kristoffer KiseSenior Manager Finance & AdministrationOsloT: +47 22 122 667 E: tor.kise @intertanko.com

Petter MarkussenAssistant Manager, Accounts & FinanceOslo

T: +47 22 122 663 E: petter.markussen @intertanko.com

Huong-Cam Susan ToAssistant Manager IT, Accounts and AdministrationLondonT: +44 20 7977 7024 E: susan.to @intertanko.com

FINANCE AND ADMINISTRATION

Erik RanheimSenior Manager IT, Research & ProjectsOslo

T: +47 22 122 675 E: erik.ranheim @intertanko.com

Dag NæstvoldAssistant Manager ITQuality ManagerOslo

T: +47 22 122 654 E: dag.naestvold @intertanko.com

RESEARCH, PROJECTS AND IT

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Katharina StanzelManaging DirectorLondon

T: +44 20 7977 7014 E: katharina.stanzel @intertanko.com

CORPORATE AFFAIRS

Alexandra Hardman,Assistant Manager CorporateLondon

T: +44 207 977 7010 E: alexandra.hardman @intertanko.com

Tim WilkinsSenior Manager, EnvironmentRegional Manager Asia PacificSingaporeT: +65 6333 4007 E: tim.wilkins @intertanko.com

ENVIRONMENT

www.intertanko.com

Dragos RautaTechnical DirectorEuropean Affairs CoordinatorOslo office managerOsloT: +47 22 122 650 E: dragos.rauta @intertanko.com

Ian Harrison Senior Technical ManagerLondon

T: +44 207 977 7035 E: ian.harrison @intertanko.com

Donna Tang de LeonAssistant Manager, Technical Oslo

T: +47 22 122 687 E: donna.leon @intertanko.com

Trine Melgaard Assistant Manager, AdministrationOslo

T: +47 22 122 640 E: trine.melgaard @intertanko.com

TECHNICAL & ENGINEERING

LEGAL, INSURANCE & DOCUMENTARY

Michele WhiteGeneral Counsel & Company SecretaryLondon

T: +44 20 7977 7038 E: michele.white @intertanko.com

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Phillip BelcherMarine DirectorLondon office managerLondonT: +44 20 7977 7033 E: phillip.belcher @intertanko.com

Ajay GourSenior Manager, Vetting & ChemicalLondon

T: +44 20 7977 7017 E: ajay.gour @intertanko.com

Adele GarnettAssistant Manager, MarineLondon

T: +44 20 7977 7010 E: adele.robinson @intertanko.com

MARINE

Johan GahnstromSenior Manager, Ports & TerminalsLondonT: +44 20 7977 7022 E: johan.gahnstrom @intertanko.com




INTERTANKO North America801 North Quincy Street – Suite 200Arlington, VA 22203 USATel: +1 703 373 2269Fax:+1 703 841 [email protected]


Global Offices

Tim WilkinsSenior Manager, EnvironmentRegional Manager Asia PacificSingaporeT: +65 6333 4007 E: tim.wilkins @intertanko.com

ENVIRONMENT

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Publications and guidance

A Guide to the Vetting Process — 11th EditionTo provide greater information on the vetting inspection process, and to assist tanker crews and onshore personnel with handling ship vetting, INTERTANKO’s best-selling Vetting Guide has been updated to provide a concise yet comprehensive description of the principal tanker vetting systems. This revised and expanded 11th edition is a MUST onboard each vessel and in every shore office to assist tanker crews and personnel ashore to better understand, and to be better prepared for, vetting inspections. The 11th edition in hardcopy and e-book will be available second half 2015.

Coming soon

Vetting Guide for Seafarers — 1st EditionAn essential guide for seafarers on ship inspection and vetting procedures. The ship’s crew performs a crucial role by presenting safe operations and achieving successful ship vetting inspections — every office, ship and the crew would benefit from having a copy of this guide. The 1st edition in hardcopy and e-book will be available second half 2015.

Also available in hard copy and ebook formats• A Guide for Correct Entries in the Oil Record

Book, (Part I — Machinery Space Operations — 3rd Edition) and (Part II — Cargo/Ballast Operations — 1st Edition)

• Oil Pollution Legislation in Littoral States of the USA

• Guide for a Tanker Energy Efficiency Management Plan

• Guiding Principles to Emergency Management and Crisis Communications

• Shelltime 4 and ShellLNGTime

• Vetting Clauses — A Practical Guide

• Guidance Booklet on Seafarers’ Hours of Work and Rest (ILO 180 / MLC 2006)

• Worldscale — A Tanker Chartering Tool

• Guidance Manual For Maintenance Of Tanker Structures

• Ballast Water Management for Tankers

• Commentary on SHELLVOY 6 All titles are available from www.witherbyseamanship.com/top-menu/intertanko

And don’t forget our Guidance Notes and Best Practice Documents...

... available for FREE from www.intertanko.com/Book-Shop/

www.intertanko.com

INTERTANKO GOVERNING BODIES, MEMBER LISTS AND ARTICLES OF ASSOCIATION





INTERTANKO� BrusselsRue du Congrès 37-41B-1000 BrusselsBelgiumTel: +32 2 609 54 40Fax: +32 2 609 54 [email protected]

Executive Committee and Honorary MembersExecutive Committee

Honorary Members

N. Tsakos(Chairman)Tsakos EnergyNavigation (TEN)

Capt R. Bishop(Vice-Chairman)V. Ships

S. Rajalingam(Vice-Chairman)MISC Berhad

Dr P. D’Amico(Vice Chairman) D’Amico Societá di Navigazione

R. BajpaeeBernhard Schulte Shipmanagement

A. BergshavenBergshav Management

C. Brix-OstenfeldtNordic Tankers

H. FeringaStolt Tankers

C. Juan Madinabeitia Tradewind Tankers

J. Platsidakis AngelicoussisShipping Group

Dr S. PolomskyClaus-Peter Offen Tankschiffreederei

I. Tonkovidov Novorossiysk Shipping Company (Novoship)

K. Vlachos Consolidated Marine Management

T. WatanabeMitsui OSK Lines

Capt M. WilsonAnglo-AtlanticSteamship

L. Carlsson N. Fistes W. Hoegh M. A. Kulukundis

R. T. du Moulin B. Ph. Papachristidis J. H. Rand A. K. L. Ugland S. Van Dyck 33

Executive Committee and Honorary Members

EXECUTIVE COMMITTEEN. Tsakos, (Chairman) Tsakos Energy Navigation Capt R. Bishop, (Vice Chairman) V. ShipsS. Rajalingam, (Vice Chairman) MISC BerhadDr P. D’Amico, (Vice Chairman) D’Amico Societá di NavigazioneR. Bajpaee, Bernhard Schulte ShipmanagementA. Bergshaven, Bergshav ManagementC. Brix-Ostenfeldt, Nordic TankersH. Feringa, Stolt TankersC. Juan Madinabeitia, Tradewind TankersJ. Platsidakis, Angelicoussis Shipping GroupDr S. Polomsky, Claus-Peter Offen TankschiffreedereiI. Tonkovidov, Novorossiysk Shipping Company (Novoship)K. Vlachos, Consolidated Marine ManagementT. Watanabe, Mitsui OSK LinesCapt M. Wilson, Anglo-Atlantic Steamship MANAGEMENT COMMITTEEDr. Nikolas Tsakos, (Chairman) Tsakos Energy Navigation (TEN)Capt Robert Bishop, V. Ships Ship ManagementHans Feringa, Stolt TankersKatharina Stanzel, INTERTANKO

COUNCIL MEMBERSARGENTINAGustavo A. D’Amico, Antares Naviera

BAHAMASTim Horne, Teekay Shipping (UK)Kevin MacKay, Teekay Corporation

BERMUDAOlav Eikrem, Frontline Jens Martin Jensen, Frontline

CANADAThomas K. Y. Hsu, Expedo Ship Management (Canada)Wellington Koo, Valles Steamship

CAYMAN ISLANDSGheorghe Bosinceanu, Histria Tanker Holdings

CHILEChristian Csaszar, ULTRANAVMichael Schrøder, Navieras Ultragas

CHINA — TAIPEIJack C.K. Hsu, Oak Maritime

CROATIAMario Pavic, Tankerska Plovidba

CYPRUSRajaish Bajpaee, Bernhard SchulteMaurice Baker, Columbia ShipmanagementPeter Bond, Interorient Marine Services Polys Haji-Ioannou, Polyar Shipping Arthur McWhinnie, Bernhard Schulte Dimitri Papadimitriou, Liquimar Tankers Nikolas P. Tsakos, Tsakos Shipping & Trading

Governing Bodies

33

DENMARKCarsten Brix-Ostenfeldt, Nordic TankersLars B. Christensen, Dampskibsselskabet NORDENAsger S. Lauritsen, Dampskibsselskabet NORDENMorten Orup Pedersen, Dannebrog Rederi

FINLANDBen Lundqvist, Lundquist Shipping Company

FRANCEFernand Bozzoni, Socatra

GERMANYHugo Finlay, John T. EssbergerPeter Grønwoldt, Harren & Partner Ship ManagementRolf Jacob, Ernst Jacob GmbH & CoPeter Frömming, RHL Hamburger Lloyd Tanker Stephan Polomsky, Claus-Peter Offen TankschiffreedereiFrans Ubaghs, Asterion Tanker Navigation

GREECEVasilis Bacolitsas, Sea Pioneer ShippingPhilip A. Embiricos, Aeolos ManagementCostis E. Kertsikoff, Eletson CorporationDimitrios S. Korkodilos, Andriaki ShippingTakis E. Koutris, Roxana ShippingVincenzo Morfini, Medcare ShippingDimitris Patrikios, Olympic Shipping & ManagementJohn Platsidakis, Angelicoussis Shipping GroupLeonidas S. Polemis, Remi MaritimeHarry N. Vafias, Stealth Maritime Corporation Kostas Vlachos, Consolidated Marine ManagementStelios J. Vlassopulos, Neda Maritime Agency

HONG KONGSabrina Chao, Wah Kwong Shipping Holdings Peter J. B. Cremers, Anglo-Eastern Ship ManagementSimon Doughty, Wallem Ship ManagementSurendra Dutt, Anglo-Eastern Ship ManagementRobert Alexander Ho, Fairmont Shipping (HK)Bjørn Højgaard, Univan Ship ManagementShao Jie Huang, Associated Maritime Company (HK)Kenneth Koo, Tai Chong Cheang Steamship

INDIAMervyn Martyres, Selandia Ship Management (India)

ISLE OF MANMichael Wilson, Anglo-Atlantic Steamship

ITALYGiuseppe Bottiglieri, Giuseppe Bottiglieri ShippingCarlo Cameli, Fratelli d’Amico ArmatoriUmberto D’Amato, PerseveranzaPaolo d’Amico, d’Amico Societá di Navigazione Stefano Rosina, Premuda Francesco Sabia, Finaval

JAPANAmine S. Hakim, Mitsui O.S.K. Bulk ShippingKenichi Miki, Nippon Yusen Kabushiki KaishaHemant Pathania, NYK Shipmanagement Tsuneo Watanabe, Mitsui O.S.K. Lines

LUXEMBOURGHans Feringa, Stolt TankersPatrick Rodgers, Euronav UK AgenciesAlex Staring, EuronavNiels G. Stolt-Nielsen, Stolt Tankers

Council Members continued...

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MALAYSIARajalingam Subramaniam, MISC BerhadAbdul Malik Ahmad Zaki, MISC Berhad

MONACOAshley M. Cooper, Scorpio Ship ManagementGraham Westgarth, GasLog

NETHERLANDSKees van Beveren, Bluewater Group of Companies

NORWAYAtle Bergshaven, Bergshav ManagementSvend Foyn-Bruun, Odfjell Jens Grønning, Camillo Eitzen & CoJan A. Hammer, OdfjellOddvar Hausken, DSD Shipping

QATARJoseph. F Coutinho, Qatar Shipping Company

RUSSIAGrant Brewster, Prisco (Singapore) Alexey O. Khaydukov, NovoshipAlexander S. Migunov, Primorsk ShippingIgor V. Tonkovidov, Novoship

SINGAPOREBengt Hermelin, Samco ShipholdingOlav Nortun, Thome Ship ManagementChin Hee Tan, PCL TankersOlav Eek Thorstensen, Thome Ship Management

SOUTH AFRICAHugh Scheffer, Unicorn Shipping, a division of Grindrod

SOUTH KOREAJong Chul Choi, Hyundai Merchant Marine

SPAINAlejandro Aznar, Ibaizabal Management Services

SWEDENAnn-Marie Åstrom, Rederi AB GotlandLars Mossberg, Marinvest ShippingJan Sonesson, Stena Bulk SWITZERLANDRobert M. Bishop, V.Ships ManagementAlberto Gavarone, V.Ships, Ship ManagementSebastiano Portunato, SeaQuest ShipmanagementSergey Pshenichnyy, ABC Maritime TURKEYOsman Gungen, Gungen Maritime & TradingDerya Sabaz, Besiktas Likid UNITED ARAB EMIRATESAhmed Al Falahi, Gulf Energy MaritimeLars Modin, International Tanker Management Holding UNITED KINGDOMDimitris N. Lyras, Paralos Maritime Corporation Walter Woodage, Norbulk Shipping USAJohn N. Hill, Heidmar VENEZUELACarlos Juan Madinabeitia, Tradewind Tankers

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AABC Maritime (Switzerland)Aegean Shipping Management *Aeolos Management (Greece)Alberta Shipbrokers (United Kingdom)Alison Management Corp (Greece)Almi Tankers SA (Greece)Anadoluhisari Tankercilik (Turkey)Ancora Investment Trust (Greece)Andriaki Shipping (Greece)Anglo-Atlantic Steamship (Isle of Man)Anglo-Eastern Ship Management (Hong Kong)Antares Naviera (Argentina)Arcadia Shipmanagement (Greece)Asahi Tanker (Japan)Associated Maritime (Hong Kong)Asterion Tanker Navigation (Germany)Athenian Sea Carriers (Greece)Atlas Maritime (Greece)Aurora Tankers Management (Singapore)Avin International (Greece)Awilco (Norway) BBelchem Singapore (Singapore)Bergshav Management (Norway)Bernhard Schulte Shipmanagement (Cyprus)Besiktas Likid (Turkey)Bibby Line (United Kingdom)Bluewater Group of Companies (Netherlands)

CCalisa (Italy)Capital Ship Management (Greece)Carl Büttner (Germany)Cavodoro Shipping (Greece)Central Mare (Greece)Chartworld Shipping Corporation (Greece)China Shipping Tanker Company (China)

Chronos Shipping (Greece)Claus-Peter Offen Tankschiffreederei (Germany)Columbia Shipmanagement (Cyprus)Concordia Maritime (Switzerland)Consolidated Marine Management (Greece) DD&K Holdings (UAE)Daiichi Tanker (Japan)Daitoh Trading (Japan)Dalmare (Italy)d’Amico Societá di Navigazione (Italy)Dampskibsselskabet NORDEN (Denmark)Dannebrog Rederi (Denmark)Densa Denizcilik Sanayi Ve Ticaret (Turkey)DHT Management (Norway)Diamlemos Shipping Corporation (Greece)Dolphin Tanker (Italy)Dorian (Hellas) (Greece)DS Tankers (Germany)DSD Shipping (Norway)Duzgit Shipholding (Turkey)Dynagas (Greece) *

EEastern Mediterranean Maritime Limited (Greece)Eletson Corporation (Greece)Emarat Maritime (United Arab Emirates)Empire Navigation (Greece)Empresa Naviera (Spain)Enesel (Greece)Ernst Jacob (Germany)Estoril Navigation (Greece)Euronav (Luxembourg)Eurotankers (Greece)Exmar Shipmanagement (Belgium)Expedo Ship Management (Canada) (Canada)

Members in alphabetical order

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FFairmont Shipping (Hong Kong)Finaval (Italy)Finbeta (Italy)Fratelli d’Amico Armatori (Italy)Frontline (Bermuda) GGasLog (Monaco)Gearbulk (UK) (United Kingdom)German Tanker Shipping (Germany)Gestioni Armatoriali (Italy)Giuseppe Bottiglieri Shipping (Italy)Goodwood Ship Management (Singapore)Groton Pacific Carriers (USA)Gulf Energy Maritime (UAE)Gungen Maritime & Trading (Turkey) HHalkidon Shipping Corporation (Greece)Harren & Partner Ship Management (Germany)Heidmar (USA)Hellenic Tankers (Greece) * Hellespont Ship Management (Germany)Histria Tanker Holdings (Cayman Islands)Horizon Tankers (Greece)Hyundai Merchant Marine (South Korea) IIbaizabal Management Services (Spain)Iino Kaiun Kaisha (Japan)India Steamship (India)International Tanker Management (UAE)Interorient Marine Services Limited (Cyprus)Interunity Management Corporation (Greece)Intrepid Shipping LLC (USA) JJohn T. Essberger (Germany)

KK Line (Singapore)Kawasaki Kisen Kaisha (Japan)Knutsen OAS Shipping (Norway)Kyklades Maritime Corporation (Greece) LLGR di Navigazione (Italy)Liquimar Tankers Management (Cyprus)LL Energy (Greece)Lotus Shipping (Greece)Lundquist Shipping Company (Finland) MMantinia Shipping Company (Greece)Maran Tankers Management (Greece)Marflet Marine (Spain)Marine Management Services (Greece)Marinvest Shipping (Sweden)Marittima Etnea (Italy)Marwave Shipmanagement (Netherlands)Medcare Shipping (Greece)Meiji Shipping (Japan)Mercator Navigation (Germany)Metrostar Management Corporation (Greece)MF Shipping Group (Netherlands) *Minerva Marine (Greece)MISC Berhad (Malaysia)Mitsui O.S.K. Lines (Japan)MK Centennial Maritime (Netherlands)

NNavig8 Shipmanagement (Singapore)Navigazione Montanari (Italy)Navios Tankers Management (Greece)Neda Maritime Agency (Greece)Nereus Shipping (Greece)Nippon Yusen Kabushiki Kaisha (Japan)Norbulk Shipping (United Kingdom)

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N cont... Nordic Tankers (Denmark)Novorossiysk Shipping Company (Novoship) (Russia)NS United Kaiun Kaisha (Japan) OOak Maritime (Canada) (China — Taipei)Oceangold Tankers (Greece)Odfjell (Norway)Olympic Shipping & Management (Greece)Orpheus Marine Transport (Greece)OSM Ship Management (Norway) PParadise Navigation (Greece)Parakou Tankers Singapore (Singapore)Paralos Maritime Corporation (United Kingdom)PB Tankers (Italy)PCL Tankers (Singapore)Perseveranza SpA (Italy)Polembros Shipping Limited (Greece)Polyar Shipping Co Ltd (Cyprus)Premuda SpA (Italy)Primorsk Shipping Corporation (Russia)Product Shipping & Trading SA (Greece)Pyxis Maritime Corp (Greece) QQatar Shipping (Qatar) RRederi AB Gotland (Sweden)Rederiet Stenersen (Norway) *

Reliance Industries (India)RHL Hamburger Lloyd Tanker (Germany)Rigel Schiffahrts (Germany)Rizzo-Bottiglieri-De Carlini Armatori (Italy)Roxana Shipping (Greece) SSanmar Shipping (India)Scorpio Ship Management (Monaco)Sea Pioneer Shipping (Greece)Sea World Management & Trading (Greece)Seabulk Tankers (USA) * Seacrest Shipping (Greece)SeaQuest Shipmanagement (Switzerland)Selandia Ship Management (India) Selandia Ship Management (Singapore) Sirius Rederi (Sweden)SIVA Ships International (Singapore)SK Shipping (South Korea)Socatra (France)SOCOMAR (Italy)Stealth Maritime Corporation (Greece)Stena Bulk (Sweden)Stolt Tankers (Luxembourg)Sun Enterprises (Greece)Super-Eco Tankers Management (Greece)Synergy Maritime Private (India) TTai Chong Cheang Steamship (Hong Kong)Tankerska Plovidba (Croatia)Team Tankers International — Bermuda (Norway)Teekay Corporation (Bahamas)Terntank Rederi (Denmark)Thenamaris Ships Management (Greece)Thome Ship Management (Singapore)TMM Division Maritima (Mexico)

Members listed alphabetically cont...

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Tokyo Marine (Japan)TORM (Denmark)Tradewind Tankers (Venezuela)Transmarine Tankers (Denmark)TRANS-NAVAL (Belgium)Tsakos Shipping & Trading (Cyprus) UUglands Rederi (Norway)ULTRANAV (Chile)Unicorn Shipping, a division of Grindrod (South Africa)Unique Shipping (Hong Kong)Unisea Shipping (Greece)Univan Ship Management (Hong Kong) VV.Ships (Switzerland)Valles Steamship (Canada) (Canada) WWah Kwong Shipping Holdings (Hong Kong)Wallem Shipmanagement (Hong Kong)Waterfront Shipping (Cayman Islands)Westfal-Larsen Management (Norway)Wisby Shipmanagement (Sweden)World Tanker Management (Singapore) YYASA Tanker Isletmeciligi (Turkey)

* Subject to Council approval

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AAbu Dhabi National Tanker Co — Tanker Owners/ Manager ‡Advanced Polymer Coatings — Marine SuppliersAdvanced System Safety Management — ConsultantsAegean Agency Shipping & Trading — Ship AgentsAerobytes — Marine SuppliersAgemar — Ship AgentsAgenzia Marittima Cambiaso & Risso — Ship AgentsAlessandro Archibugi & Figlio — Ship AgentsAlfa Laval Aalborg — Marine SuppliersAmerican Bureau of Shipping (Houston) — Classification SocietiesArab Maritime Petroleum Transport — Oil CompaniesAsociación de Navieros Españoles — Shipowners’ AssociationsAssociated Shipbroking — ShipbrokersAssuranceforeningen SKULD — P and I ClubsAtlantic Marine Services — Ship AgentsAtlas Marine Services — Ship Agents

BBanchero-Costa & Co — Shipbrokers Berge Shipbrokers — Shipbrokers BG Group — Oil CompaniesBiehl & Co — Ship AgentsBlankRome — Legal FirmsBMTSurveys (Rotterdam) — ConsultantsBP Shipping — Oil CompaniesBraemar — ShipbrokersBritannia Steam Ship Ins. Ass — P and I ClubsBSM Shipping And Trading — ShipbrokersBureau Veritas — Classification SocietiesBurke & Novi — Shipbrokers CCambridge Academy of Transport — Education and Research InstitutesCanadian Shipowners Association — Shipowners’ Associations

Cargill International — Oil TradersCarmelo Caruana — Ship AgentsCayman Islands Shipping Registry — Flag AdministrationChalmers University of Technology, Nautical Department — Education and Research InstitutesChamber of Shipping of British Columbia — Shipowners’ AssociationsCharles R Weber — ShipbrokersChemical Distribution Institute — Associations and InstitutesChemServe — Marine SuppliersChevron — Oil CompaniesChina Classification Society — Classification SocietiesCleaves Marine Finance — Shipbrokers Clyde & Co — Legal FirmsCompañia Española de Petróleos, Servicio de Documentacion — Oil CompaniesCONFITARMA — Shipowners’ AssociationsConocoPhillips — Oil CompaniesConrad Partnership — ShipbrokersConsilium Marine & Safety — Marine SuppliersCyprus Shipping Chamber — Shipowners’ Associations

DDalian Ocean Shipping Co. (COSCO Dalian) — Tanker Owners/Manager ‡Danmarks Rederiforening — National Shipowners’ AssociationDeltamarin — Naval ArchitectsDen Norske Krigsforsikring for Skib — InsurersDNV-GL — Classification SocietiesDow Chemical Company (Terneuzen) — Chemical CompaniesDPM (Singapore) — Marine SuppliersDTO Petrol Distribution — Bunker BrokersDVB Bank SE (London Branch) — Financial Institutions/ BanksDynamarine — Marine Services and Response Companies

Associate Members listed alphabetically

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EECM Maritime Services — Marine SevicesE. N. Bisso & Son — Marine SuppliersEcopetrol S.A. — Oil CompaniesEmirates Ship Investment — Financial Institutions/BanksENI Trading & Shipping — Oil CompaniesEniram — Marine SuppliersEnraf Tanksystem SA / Honeywell Marine — Marine SuppliersESS - Databridge Development Group — Marine SuppliersEuroshore International — Reception Facilities FFalcon Navigation — Ship ManagementFearnleys — ShipbrokersFlota Petrolera Ecuatoriana (FLOPEC) — Tanker Owners/Manager ‡

Fluvia Tanker Chartering — Shipbrokers FONASBA — Associations and InstitutesFOSFA International — Associations and InstitutesFree Port of Ventspils Authority — Port Authorities

GGalbraiths — ShipbrokersGallagher Marine Systems — Marine Services and Response CompaniesGard — P and I ClubsGenesis Marine Agencia Naviera — Ship AgentsGothenburg Port Authority — Port AuthoritiesGraypen — Ship AgentsGreen Award Foundation — Environmental OrganisationsGreen-Jackobsen — Marine Services and Response CompaniesGulf Agency Company (Dubai) — Ship AgentsGulf States Maritime Association — Shipowners’ Associations

HH Clarkson & Co — ShipbrokersHafnia Management — Ship ManagementHaugen Consulting — ConsultantsHelvetia Assurances — InsurersHempel — Marine SuppliersHerbert Engineering Corp — Naval ArchitectsHill Dickinson — Legal FirmsHolland & Knight — Legal FirmsHong Kong Shipowners’ Association — Shipowners’ AssociationsHudson Marine Management Services — Marine Services and Response Companies IICAP Shipping Tankers — ShipbrokersImarEST — Associations and InstitutesImtech Marine USA — Marine SuppliersInce & Co Services — Legal FirmsIndian Register of Shipping (Mumbai) — Classification SocietiesInge Steensland — ShipbrokersInmarsat Solutions — Marine SuppliersInstitute of Chartered Shipbrokers — Associations and InstitutesInterManager — Associations and InstitutesInternational Association of Classification Socs — Associations and InstitutesInternational Association of Maritime Universities — Education and Research InstitutesInternational Association of Ports and Harbor — Associations and InstitutesInternational Institute of Maritime Law — Education and Research InstitutesInternational Bunker Industry Assoc — Associations and InstitutesInternational Maritime Employers Committee — Associations and InstitutesInternational Paint Marine Coatings — Marine SuppliersInternational Registries (UK) — Flag Administration

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International Salvage Union — Associations and InstitutesInternational Ship-Owners Alliance Of Canada — Shipowners’ AssociationsInternational Spill Control Organisation — Environmental OrganisationsInterocean Shipping (India) — ShipbrokersIrving Oil — Oil CompaniesISACOL — Ship AgentsItalia C & A — ShipbrokersItalian Maritime Academy Phils — Education and Research Institutes

JJahre-Wallem — Shipowners (not tankers)Japan P&I Club — P and I ClubsJLT Speciality — InsurersJotun — Marine Suppliers

KKarishma Marine Solutions — ConsultantsKeppel Shipyard — ShipyardsKoch Shipping — Oil CompaniesKorean Register of Shipping — Classification SocietiesKuwait Oil Tanker Company — Oil CompaniesKVH Europe — Marine Suppliers LLiberian International Ship & Corporate — Flag AdministrationLintec Testing Services — Bunker BrokersLion Shipping & Chartering — Ship AgentsLiquid Transfer Technology — Marine SuppliersLiwanjia Industrial Development — Reception FacilitiesLloyd’s Register of Shipping — Classification SocietiesLUKOIL Sweden — Oil CompaniesLyondellBasell Chemical Company — Chemical Companies

MMacoil International — Bunker BrokersMagsaysay Training Center — Education and Research InstitutesMaine Maritime Academy — Education and Research InstitutesMainport Africa Shipping — Ship AgentsMansel Ltd, C/O Vitol Services — Oil TradersMarathon Petroleum Company, Marine Division — Oil CompaniesMarina Invest — Financial Institutions/BanksMarine Pollution Control Corporation — Marine Services and Response CompaniesMarine Spill Response Corporation — Marine Services and Response CompaniesMaritec — Bunker BrokersMaritima Dominicana — Ship AgentsMaritime and Port Authority of Singapore — Port AuthoritiesMarlink Schiffahrtskontor — ShipbrokersMarquard & Bahls — Oil CompaniesMarstal Navigationsskole — Education and Research InstitutesMatsui & Co — Shipbrokers McQuilling Partners — Shipbrokers Medco Shipbrokers — ShipbrokersMercuria Energy Trading — Oil TradersMeritus de Mexico — Ship AgentsMiddle East Navigation Aids Service — Marine SuppliersMJLF & Associates — ShipbrokersMorgan Marketing & Communications — Public Relation CompaniesMSL Marine Training College Canada — Education and Research InstitutesMTI (Maritime Technical International) — Public Relation CompaniesMultiport Ship Agencies Network — Ship AgentsMusasino — Marine Suppliers

Associate Members cont...

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NN.E.I. Treatment Systems — Marine SuppliersNACE International — Associations and InstitutesNAMEPA — Environmental OrganisationsNational Institute of Oilseed Products — Associations and InstitutesNational Response Corporation — Marine Services and Response CompaniesNEDCON Maritime — ConsultantsNeste Oil / Neste Shipping Oy — Oil CompaniesNexen Energy Marketing Europe — Oil CompaniesNippon Kaiji Kyokai (ClassNK) — Classification SocietiesNordisk Skibsrederforening — Legal FirmsNorges Rederiforbund — Shipowners’ AssociationsNorth of England P&I Association — P and I ClubsNorton Rose Fulbright — Legal FirmsNyala Shipping — Ship ManagementNyship Chartering — Oil Companies

OOcean Saver — Marine SuppliersOcean Shipholdings — Tanker Owners/Manager ‡Oil Spill Response — Marine Services and Response CompaniesOREY Comércio e Navagacão — Ship AgentsPacorini Montenegro Doo — Ship AgentsPDV Marina — Oil CompaniesPenfield Marine — Ship ManagementPetrobras Transporte S/A Transpetro — Oil CompaniesPetro-Nav — Oil CompaniesPhilippine Shipowners’ Association — Shipowners’ AssociationsPhillips 66 — Oil CompaniesPMI Trading Limited — Oil CompaniesPort of Rotterdam — Port AuthoritiesPoseidon Services — Ship AgentsPoten & Partners — ShipbrokersPPG Coating Europe — Marine SuppliersPres-Vac Engineering — Marine Suppliers

QQ88 — Marine SuppliersQMS Maritime Training — Education and Research Institutes RRaffles Shipbrokers — ShipbrokersRepsol Trading — Oil CompaniesResolve Marine Group — Marine Services and Response CompaniesRightShip — Ship VettingRINA Services — Classification SocietiesRiverlake Shipping — ShipbrokersRocargo Services Bonaire — Ship AgentsRosemount Tank Radar — Marine SuppliersRoyal Fleet Auxiliary — Ship ManagementRS Platou — ShipbrokersRussian Maritime Register of Shipping — Classification Societies SS E L Maduro & Sons Curacao — Ship AgentsSABIC Petrochemicals — Chemical CompaniesSarda Marittima — Ship AgentsSC Petro Jobs Recruitment — ConsultantsScanjet Marine — Marine SuppliersSea & Ports MGM — Ship AgentsSeagull — Education and Research InstitutesSealeague — ShipbrokersSeaport Agencies — Ship AgentsSeaRiver Maritime — Oil CompaniesServicios Navieramar — Ship AgentsSevern Trent De Nora — Marine SuppliersSharaf Shipping Agency — Ship AgentsShell International Trading & Shipping — Oil CompaniesShipowners Insurance and Guaranty — InsurersShipping Corporation of India — Tanker Owners/Manager ‡

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Shipping Federation of Canada — National Shipowners’ AssociationShoreline Managers — InsurersSilver Star Agencies — Ship AgentsSingapore Maritime Academy — Education and Research InstitutesSNAME (The Soc of Naval Architects & Marine Eng) — Associations and InstitutesSofmar Shipping Agency — Ship AgentsSonangol Marine Services — Oil CompaniesSouth African Maritime Training Academy — Education and Research InstitutesSpecTec Group Holdings — Marine SuppliersST Shipping & Transport — Oil TradersStandard Club Europe London — P and I ClubsStar Sardinia — Ship AgentsStatoil — Oil CompaniesSTC Group — ConsultantsSteamship Mutual Underwriting Association — P and I ClubsStericycle — Reception FacilitiesStockholm Chartering — ShipbrokersSurvival Craft Inspectorate — Marine SuppliersSurvival Systems — Marine SuppliersSwedish Shipowners’ Association — Shipowners’ Associations

TTank Oil Shipping — Ship AgentsTesoro Maritime — Oil TradersThocomar Shipping Agency — Ship AgentsTomas Ruiz — Ship AgentsTotal Trading And Shipping — Oil CompaniesTote Services — Ship ManagementTransmarine Navigation — Ship AgentsTripul — Ship ManagementTriton Marine — Ship AgentsTromsø Maritime Skole — Education and Research InstitutesTulane Law School — Education and Research InstitutesTurkish Chamber of Shipping — Shipowners’ AssociationsTURMEPA, Turkish Marine Environmental Protection Association — Environmental Organisations

UU.A.E. Shipping Association — Shipowners’ AssociationsUK Hydrographic Office — Marine SuppliersUK P&I Club — P and I ClubsUniGas International — Shipowners (not tankers)Union of Greek Shipowners — Shipowners’ Associations VValero Marketing & Supply — Oil CompaniesVela International Marine — Oil CompaniesVenezolana de Servicios Maritimos — Ship AgentsVerband Deutscher Reeder — Shipowners’ AssociationsVeritas Petroleum Services — Marine Services and Response CompaniesVIDEOTEL — Education and Research InstitutesVietnam Ocean Shipping Joint Stock Company — Tanker Owners/Manager ‡Vietnam Tanker Joint Stock Company — Tanker Owners/Manager ‡Vinodol — Ship AgentsViswalab Singapore — Bunker Brokers WWarsash Maritime Academy — Education and Research InstitutesWärtsilä Svanehøj — Marine SuppliersWest Gulf Maritime Association — Shipowners’ AssociationsWest of England Ship Owners Mutual Insurance — P and I ClubsWitherby Publishing Group — Marine SuppliersWorms Services Maritimes — Ship Agents YYoshida & Partners — Legal Firms

‡ State- or Oil-Company Owned

Associate Members cont...

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1) Definitions In these Articles the following words shall have the respective meanings hereby assigned to them:a) A “tank vessel” means any vessel having a gross tonnage of 1000 tons or over and which is adapted for the carriage of oil in bulk, petroleum products and other liquids, including all kinds of combined bulk/tank vessels as ore/oil carriers, bulk/oil carriers. (See 5) b)).b) (1) “Owner” means any private individual or partnership or corporate body or other company or legal person registered as the owner of a tank vessel, provided he operates on a commercial basis. (2) The Council may also decide that the person, partnership or company by whom the vessel is managed shall be regarded as the owner thereof. (3) In the absence of registration, the owner is the person owning the ship according to the rules laid down in 1) b) (1) and (2). 2) Aims The Association is a non-profit organisation whose aims are to further the interests of independent tanker owners; to promote a free and competitive tanker market; to work for safety at sea and the protection of the marine environment. The scope and objects shall be: • to promote internationally the interests of its members in matters of general policy; • to co-operate with other technical, industrial or commercial and environmental interests or bodies on problems of mutual concern to its members and to such interests; • to take part in the deliberations of other international bodies so far as may be necessary for the attainment of its objects; • to do all things conducive to the attainment of the above objects or any of them. 3) Title and location The name of the Association shall be International Association of Independent Tanker Owners (INTERTANKO) and the office shall be situated in Oslo. The meetings of the Association may be held outside of Oslo. The office may be moved from Oslo if a majority of not less than three- fourths of those voting at the General Meeting so decides. 4) Liability The liability of the member is limited to his annual subscription. 5) Membershipa) Membership shall be open to owners of tank vessels whether presently in operation or under construction and to managing companies of such owners and to any other individual or corporate body authorised by the owner of a tank vessel.b) Application for membership shall be made to the Council in respect of all tank vessels which the applicant owns and/or manages including tank vessels of affiliated and associated companies. Gas carriers may be eligible at the owner’s request to the Council.c) The Council may approve or reject an application for membership at its discretion without specifying any reason therefore.d) A member shall cease to be a member: (1) after having given written notice at least six months in advance; (2) if he fails to pay the annual subscription in respect of each tank vessel of which he is the owner; (3) if in the opinion of the Council he ceases to be an independent owner; (4) if he is requested by the General Meeting to resign his membership.e) If a member fails to meet the membership criteria as specified in the Articles of Association and/ or fails to meet membership criteria agreed by the Council, the Executive Committee shall, at its own discretion, decide either to terminate or suspend the membership. 6) Associate Membership Associate membership shall be open to tanker brokers, banks, P&I Clubs, classification societies, oil companies and such other bodies which may be useful to support the aims and objectives of the Association. Such associate members will be entitled to attend the Association’s General Meetings, but will have no voting rights. They shall be entitled to receive INTERTANKO’s circular letters and other publications. An associate member will cease to be an associate member after having given written notice of its intention to leave INTERTANKO at least 6 months in advance. If an associate member fails to meet the membership criteria as specified in the Articles of Association and/or fails to meet the associate membership criteria agreed by the Council, the Executive Committee shall, at its own discretion, decide either to terminate or suspend the associate membership. 7) Organisation The Association consists of: a General Meeting; a Council; an Executive Committee.a) (1) The General Meeting shall comprise all members and such a meeting shall be convened at least once a year being as nearly as may be at the expiration of twelve months from the date of the last preceding meeting. The Council and/or a minimum of 10 members may convene an Extraordinary Meeting. At least 30 days’ notice shall be given to the members for both types of meetings, stating the general nature of any business intended to be transacted thereat. (2) The Chairman of the Council or, in his absence, one of the Vice-Chairmen shall preside at a General Meeting. (3) Ten members present in person or by proxy shall be a quorum. (4) Any vote may be given by a member present in person or by proxy who shall be either a member of the Association, a partner or an executive officer. The proxy shall be duly signed by the member and shall be deposited at the office not less than forty-eight hours before the meeting. (5) Unless a poll is demanded, a declaration by the Chairman that a resolution has been passed or lost shall be sufficient evidence of the fact. (6) On a show of hands, every member shall have one vote. If at least three members wish a card poll, the following shall be observed: Within one month after the demand, the members shall have given their card vote and the result of the poll shall be deemed to be the resolution of the General Meeting. In a card poll every member present or not at the General Meeting may vote and every member voting shall have one vote in respect of each tank vessel for which annual subscription is paid. A certificate by the General Manager as to the number of tank vessels of which any member is the owner shall be conclusive. (7) The General Meeting shall appoint the auditors. (8) The General Meeting may delegate its powers to the Council and the Executive Committee. (9) The General Meeting may, upon the nomination by the Council, elect one or more Honorary Members of INTERTANKO. An Honorary Member shall be entitled to attend all meetings of INTERTANKO upon the invitation of the Chairman. An Honorary Member shall in

that capacity have no voting right at INTERTANKO Meetings. If an Honorary Member attends an INTERTANKO Meeting, he shall do so at his own sole expense.b) (1) Members of the Council shall be appointed every second year by the members of each country according to the member tonnage of the country, vessels on order or under construction excluded, and in accordance with the following scale: (i) If at least one tanker has been entered in INTERTANKO, but not more than 500,000 GT – one member. (ii) If the tonnage is at least 500,000 GT, but not more than 1.0 million GT – two members. (iii) If the tonnage is at least 1.0 million GT, but not more than 1.5 million GT – three members. (iv) If the tonnage is at least 1.5 million GT, but not more than 2 million GT – four members. (v) If the tonnage is at least 2 million GT, but not more than 3 million GT – five members. (vi) If the tonnage is at least 3 million GT, but not more than 5 million GT – six members. (vii) If the tonnage is at least 5 million GT, but not more than 8 million GT – seven members (viii) If the tonnage is at least 8 million GT – but not more than 11 million GT – eight members. (ix) If the tonnage is at least 11 million GT, but not more than 14 million GT – nine members (x) If the tonnage is at least 14 million GT, but not more than 17 million GT – ten members (xi) If the tonnage is at least 17 million GT, but not more than 20 million GT – eleven members. (xii) If the tonnage is at least 20 million – twelve members. (2) Not more than two representatives of any owner or group of owners shall be eligible for membership to the Council at the same time. (3) The Council shall decide the Country in which any member shall be deemed to be registered in INTERTANKO and in doing so takes into consideration the suggestions made in the application for membership. (4) Notwithstanding the above, the Council has the right to co-opt up to a maximum of five additional members. Such nominations, at the discretion of the Council, may be persons representing members or member-groups, irrespective of rule 7) b) (1), or person(s) whom the Council considers useful to the aims of the Association. (5) The Policy of the Association shall be decided upon and determined by the Council. The Executive Committee shall, while keeping the Council generally informed, conduct the business and affairs of INTERTANKO and supervise the management of INTERTANKO’s office. The Council shall do the following: • decide upon any disputes or doubts as to the interpretation of these Articles; • appoint the General Manager; • fix the annual subscription to be paid by members in order to provide for the general expenses of the Association; • arrange the keeping of accounts and prepare and lay before the General Meeting a Receipt and Expenditure Account and Balance Sheet; • cause minutes to be made of all resolutions and proceedings at all meetings in the Association. The Council may do the following: • establish working groups and local boards and appoint persons to be members thereof; • appoint persons to represent the Association in other associations or institutions of all kinds, companies or group of companies. (6) The quorum of the Council shall be twelve members. (7) Any member of the Council may appoint any other member of the Council to act as his proxy. (8) Questions arising at any meeting of the Council shall be decided by a majority of votes. Each member shall have one vote. (9) (i) The Council shall elect from among its members a Chairman and up to three Vice- Chairmen of INTERTANKO. (ii) The Council shall also appoint a further number of its members who, together with the Chairman and Vice-Chairmen, shall form the Executive Committee, provided that the total number of members comprising the Executive Committee at any one time shall not exceed fifteen. (iii) The Chairman, Vice-Chairmen and the other members of the Executive Committee shall normally be elected for a period of two years. (iv) No elected member of the Executive Committee may hold office for a period of longer than six consecutive years at a time. However, a Council Member may be elected or remain Chairman irrespective of the number of years he/she has already held office in the Executive Committee. At any one time, one Vice-Chairman may also be elected or remain Vice- Chairman provided that he may not hold office for a period of longer than eight consecutive years at a time. (v) The Chairman shall not serve in that capacity for more than 3 terms of 2 years each. (vi) A member may be represented at an Executive Committee meeting by his personal Alternate, provided this Alternate is an elected Council Member. (10) The Chairman may, and at the written request of any five members of the Council shall, at any time summon meetings of the Council.c) (1) Meetings of the Executive Committee may be convened at the request of the Chairman or any three of its members. Five members, including any personal Alternate, shall constitute a quorum. (2) The Executive Committee shall have the power to delegate functions to the General Manager and to working groups to deal with specific and related matters not necessarily bearing directly upon the aims of the Association. 8) Indemnity No person serving on the elected bodies of the Association and no officer or servant of the Association shall be held liable for any obligation incurred by the Association – whether in contract or in tort – nor shall they be liable for any obligation incurred – in contract or in tort – by another person as aforesaid. The travelling and subsistence expenses of the Executive Committee and the Secretariat in the conduct of the Association’s business shall form part of the normal budget. 9) Finances and accounts All expenses incurred on behalf of the work of the Association shall be borne by the Association. The annual expenditures shall not exceed the annual subscription revenue unless agreed by a General Meeting. The accounts shall be examined and at least once in every year the balance sheet shall be certified by the Auditors. 10) Notices Any notice may be served by the Association upon any member either personally or by post or otherwise to the member at his address appearing in the register of members. 11) Alteration of Articles A majority of not less than three-fourths of votes at the General Meeting may alter the present Articles, and decide a winding up of the Association.

Articles of AssociationINTERTANKO – The International Association of Independent Tanker Owners

(As amended 2 December 1971, 25 January 1973, 24 February 1976, 17 March 1978, 18 April 1980, 22 April 1983, 5 June 1987, 10 May 1991, 20 April 1993, 10 May 1994, 9 May 1996, 26 May 1997, 5 May 1998, 12 April 2000, 17 April 2002, 9 April 2003, 31 March 2006, 6 May 2010, 10 May 2012)

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www.intertanko.com

INTERTANKO FINANCIAL REPORT AND ACCOUNTS FOR 2014






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www.intertanko.com

INTERTANKO FINANCIAL REPORT AND ACCOUNTS FOR 2014






Management Committee’s Financial Report 2014The International Association of Independent Tanker Owners (INTERTANKO) is a non-profit organisation whose aims are to further the interests of independent tanker owners; to promote a free and competitive tanker market; to work for safety at sea and the protection of the marine environment.

INTERTANKO has five offices located in Oslo, London, Singapore, Arlington (USA) and Brussels.

In accordance with the Norwegian Accounting Act paragraph 3-3 we confirm that the financial statements have been prepared on the assumption of a going concern.

INTERTANKO is not subject to any specific factors influencing its business beyond what is normal for an association. Income is influenced by general economic conditions, by the number of Members (and the size of their fleets) and the number of associate members, as well as publication sales. In 2014 INTERTANKO had 204 Members (3,077 vessels, 270.3 M DWT) and 283 Associate Members. Expense levels are particularly influenced by staffing levels, office expenses and the number and location of meetings as well as associated travel expenditure. While expense currencies are forward purchased to lock in budgeted rates, expense book values remain affected by currency fluctuations between the income, expense and bookkeeping currencies.

INTERTANKO’s total operating income in 2014 increased by some 5.7% from 2013 as a result of excellent publication and advertising sales as well as membership and associate membership income (up by just under US$ 125,000); in particular the Association gained additional vessels and tonnage in the registered fleet. With operating expenses only marginally above 2013 and significantly below budget, the result for the year is positive. It is recommended that the surplus be charged to INTERTANKO’s Capital Fund.

The Secretariat’s personnel have not been subject to any mishaps or accidents in their working environment during the year. Health and safety policies and procedures are subject to regular review. The working environments in the respective offices are considered to be good.

INTERTANKO has incorporated the aim of avoiding gender discrimination in its policies. The company has at year end 20 employees, of whom 8 are women. The Executive Committee consists of 15 men and 0 women.

Illness-related absence totalled 73 days, which constitutes approximately 1.6 % of total days worked during the year. This is very similar to 2013 levels (64 days).

Operations do not result in pollution or spillage harmful to the external environment.

It is the Management Committee’s opinion that the financial statement, as presented, provides adequate information to assess the Association’s financial situation and the result for the year. Nothing has happened after the year-end which would materially effect the Association’s financial situation or the result for the year.

INTERTANKO’s Management Committee recommends that the surplus of USD 552,262 for 2014 be charged to the Capital Fund, which at the end of the year then stands at USD 9,273,764

Oslo, 10th of April 2015

Nikolas Tsakos Mr. R.M. Bishop Mr. H. Feringa Ms. Katharina Stanzel (Chairman) V.Ships SMD Stolt Tankers (Managing Director) INTERTANKO INTERTANKO

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Profit and Loss and AccountINTERTANKO Profit and Loss Account for the Year Ending 31 December 2014Expressed in USD 2014 2013 Note I N C O M E 1Membership Fees 5,320,285 5,200,236Associate Membership Fees 767,159 762,243Membership FDIP 51,066 57,655Service Charge 77,975 73,965Publications 793,939 574,286Advertising 37,993 19,720Tanker Events — Income 101,233 80,098

Total Operating Income 7,149,650 6,768,203 E X P E N S E S Salaries & Benefits 2,902,523 2,983,044 Social Security / Pensions 839,043 797,986 2Meetings 298,432 295,553Tanker Events — Expenses 216,912 148,471Travel 571,759 441,273Regional Representation 47,325 66,865Consultancy 378,020 376,810Public Relations 8,437 921Projects / Research 46,107 45,905Subscriptions 28,425 31,351 Printing 22,623 43,876 Post / Telephone 75,343 79,288 Office Expense / Rent 779,260 856,038 Provision for unpaid fees 10,652 0 Depreciation 13,291 29,774

Total Operating Expenses -6,238,152 -6,206,943 Operating Surplus 911,498 561,260 Interest Income 25,065 39,918 Exchange Gains / Losses -368,381 116,782 Sum Non-Operating Income -343,316 156,700 Interest Expenses / Bank Charges 15,920 20,539 Sum Non-Operating Expenses -15,920 -20,539 Surplus for the Year 552,262 697,421

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Balance SheetINTERTANKO Balance Sheet as of 31 December 2014Expressed in USD

2014 2013 Note A S S E T S Fixed Assets Office Furniture & Data Equipment 29,378 42,669 3Total Fixed Assets 29,378 42,669 Long-term Investments Long-term Mortgage Loans to Employees 0 0 4Total Long-term Investments 0 0 Current Assets Other Short-term Receivables 380,856 238,396 Accounts Receivable 247,166 446,511 Cash & Bank 9,084,705 8,399,840 5Total Current Assets 9,712,727 9,084,747

TOTAL ASSETS 9,742,105 9,127,416 L I A B I L I T I E S A N D C A P I T A L Capital Capital Fund 01.01.14 8,721,502 8,024,081 9Surplus for the Year 552,262 697,421 Capital Fund 31.12.14 9,273,764 8,721,502 Current Liabilities Accounts Payable 12,780 3,829 Withheld Taxes, Social Security & Holiday Pay 280,778 314,996 Accrued Expenses & Deferred Income 174,783 87,087 Total Current Liabilities 468,341 405,912 TOTAL LIABILITIES AND CAPITAL 9,742,105 9,127,416

Nikolas Tsakos Mr. R.M. Bishop Mr. H. Feringa Ms. Katharina Stanzel (Chairman) V.Ships SMD Stolt Tankers (Managing Director)

Oslo, 10th of April 2015

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Notes to the financial statements for the year ended 31 December 20141. Accounting Principles The financial statements are prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles.

Assets and liabilities in Norwegian Kroner at 31 December 2014, have been translated at the year-end exchange rate: for 2014 USD 1=NOK 7.4072 (2013 USD 1=NOK 6.08035). Average exchange rate for 2014 was USD 1=NOK 6.2997.

Fixed assets, expressed in USD, are valued at cost and depreciated over their economic life.

Membership fees, Associate Membership fees, Surcharge and Membership FDIP income are invoiced for the calendar year and recognised upon receipt of payment. All other income classes are recognised upon delivery of services.

2. Salaries & Social Security / Pensions Salaries & Social Security / Pensions expenses are made up of the following amounts:

2014 2013

Salaries: USD 2,726,965 2,804,211 Other benefits: USD 175,558 178,833 Pension premiums: USD 472,103 444,539 Social security: USD 366,940 353,447

3. Fixed Assets Changes in the balance of fixed assets for 2014 were as follows:

Acquisition cost at 01 Jan: USD 261,832 Purchases during the year: USD 0 Sales / scrapping during the year: USD 0 Acquisition cost at 31 Dec: USD 261,832 Accumulated depreciation at 01Jan: USD 219,163 Depreciation for the year: USD 13,291 Depreciation on sold / scrapped assets: USD 0 Accumulated depreciation at 31 Dec: USD 232,454 Closing balance at book value: USD 29,378

4. Long-term Mortgage Loans to Employees There are currently no long- or short-term loans to employees.

5. Cash and Bank Included in cash and bank balances at 31 December 2014 is a restricted bank account for withheld taxes amounting to USD 47,136.

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6. Pension Premium Fund INTERTANKO’s Oslo-based employees are covered by a pension insurance scheme, which entitles them to defined pension rights in the future. The pension right is mainly dependent on the number of earned years and the salary level at the time of reaching pension age, which is 67 in Norway. The pension scheme is organised and managed by a local insurance company. At 31 December 2014 the pension scheme covered eight employees with an average of 10 years remaining until retirement.

The pension insurance scheme meets the requirements of the Norwegian obligatory service pension (obligatorisk tjenestepensjon, OTP).

The following transactions on the pension premium fund were noted during 2014 (in Norwegian kroner):

Opening balance 01 Jan: NOK 1,297,838 Premiums for the year: NOK -1,159,232 Payments to the premium fund: NOK 1,100,000 Interest & dividends: NOK 11,764 Closing balance 31 Dec: NOK 1,250,370

7. Number of Employees and Remuneration / Allowances to Managing Director and Executive Committee Average number of employees during 2014 was 19.33 with one new employee, therefore representing 19.33 man-years.

Remuneration / Allowances to Managing Director:

2014 2013 Salary: USD 372,017 347,345 Pension: USD 36,215 33,719 Bonus: USD 0 9,425 Sum: USD 408,232 390,490

The Managing Director has no financial agreement relating to the termination of the employment contract.

INTERTANKO’s Executive Committee members receive no remuneration for their work for INTERTANKO. Travel expenses relating to INTERTANKO activity are reimbursed in accordance with agreed policy for reimbursement of such travel expenses.

8. Auditor’s Remuneration The auditor’s remuneration was USD 10,665 (NOK 79,000) excl VAT (MVA). In addition tax services for the Singapore office were provided by the audit company during 2014 for USD 1,383.

9. Capital fund adjustment From 01.01.13 INTERTANKO has booked its entire P&L and balance in NOK. However as in prior years, reporting is done in USD. Due to the variation in exchange rates between 31 December 2014 and the previous year, an adjustment of the capital fund is necessary to match the figures reported for balances at year end 2013. This is standard practice and this year’s adjustment of NOK 11,572,132 (USD 1,562,282) has been booked against currency losses in the P&L.

Our deposits in USD and operating currencies have also changed in value due to the same variation in exchange rates. This has been booked against exchange gains. In previous years these gains more than equalled the equity adjustment. This was not the case at the end of 2014, since the very beneficial exchange rates against the USD were used to forward buy and cover 2015 currency needs of GBP and NOK before year-end. For the account evaluation on 31 December 2014, the resulting lower deposits in USD therefore gave a lower calculated exchange gain.

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Cash Flow Statement

INTERTANKO Cash Flow Statement expressed in USD

2014 2013

Surplus / Deficit for the Year 552,262 697,421

Depreciation for the Year 13,291 29,774

Change in Current Receivables 56,885 -389,103

Change in Current Liabilities 62,427 -31,519

Net Cash From Operating Activities 684,865 306,573

Change in Long-term Inv. / Fixed Assets 0 -17,373

Settlement Long-term mortage loans to employee 0 448

Net Cash From Investing Activities 0 -16,925

Net Change in Liquid Assets 684,865 289,648

Cash & Bank at 01.01.14 8,399,840 8,110,192

Cash & bank at 31.12.14 9,084,705 8,399,840

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Comments to INTERTANKO’s Financial Result for the Year Ending 31 December 2014The total operating income for 2014 exceeded that of 2013 and was 5.1 % (USD 349,173) higher than budget. Increased advertising and publication sales in particular provided over USD 550,000 additional income. Membership and Associate Membership fee income also exceeded that of 2013 due to an increase in the number of vessels and tonnage in the registered fleet.

Due in parts to persistent efforts by the secretariat, total operating expenses for 2014 did increase no more than 0.5% compared to 2013.

A reduction in salary and staff benefit costs was caused primarily by the recruitment of a new technical manager in September, into a post previously vacated in January. At the same time, an overspend in social security and pensions expenses is due to the need for increased pension fund payments for Norwegian employees, in order to build up sufficient reserves to assure defined benefits.

Meeting, associated travel and regional representation expenditure exceeded budget by USD 32,500, in large parts due to an unexpected overseas Council and ExCom meeting in Dubai, but also because of high costs for meetings in New York. The latter also particularly influenced results for the Annual Tanker Event in New York, where late changes and additions of programme items such as a Members’ golf day caused significant overspend.

Balancing this, projects and research expenditure was significantly reduced due to a delay in the delivery of a budgeted web upgrade project. Actual savings were again made on further reduced printing costs after the outsourcing of INTERTANKO’s publications production and distribution.

While bank charges were significantly lower than the previous year and interest income exceeded budget, the latter remained below last year’s levels due to falling interest rates. Exchange losses at 2014 year end rates were in the region of USD 368,000, a significant increase over the previous year (please see also Note 9 on capital fund adjustment).

In summary for 2014 INTERTANKO’s operating surplus was USD 911,498 and the overall surplus for the year was USD 552,262.

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Actual and budget for 2014

2014 2014 Discrepancy 2013 Actual Budget Actual

I N C O M E

Membership Fees 5,320,285 5,537,786 -217,501 5,200,236 Associate Membership Fees 767,159 748,771 18,388 762,243 Membership FDIP 51,066 61,920 -10,854 57,655 Service Charge 77,975 82,000 -4,025 73,965 Publications 793,939 250,000 543,939 574,286 Advertising 37,993 20,000 17,993 19,720 Tanker Events — Income 101,233 100,000 1,233 80,098 Total Operating Income 7,149,650 6,800,477 349,173 6,768,203

E X P E N S E S Salaries & Benefits 2,902,523 3,102,490 199,967 2,983,044 Social Security / Pensions 839,043 718,250 -120,793 797,986 Meetings 298,432 237,000 -61,432 295,553 Tanker Events- Expenses 216,912 100,000 -116,912 148,471 Travel 571,759 550,000 -21,759 441,273 Regional Representation 47,325 98,000 50,675 66,865 Consultancy 378,020 395,000 16,980 376,810 Public Relations 8,437 20,000 11,563 921 Projects / Research 46,107 139,000 92,893 45,905 Subscriptions 28,425 35,000 6,575 31,351 Printing 22,623 50,000 27,377 43,876 Post / Telephone 75,343 90,000 14,657 79,288 Office Expense / Rent 779,260 811,000 31,740 856,038 Depreciation 13,291 35,000 21,709 29,774 Operating Expenses -6,227,500 -6,380,740 153,240 -6,206,943 Provision for unpaid fees 10,652 400,000 389,348 0 Total Operating Expenses -6,238,152 -6,780,740 542,588 -6,206,943

Operating Surplus 911,498 19,737 891,761 561,260

Interest Income 25,065 10,000 15,065 39,918 Exchange Gains / Losses -368,381 0 -368,381 116,782 Sum Non-Operating Income -343,316 10,000 -353,316 156,700

Interest Expenses / Bank Charges 15,920 28,000 12,080 20,539 Sum Non-Operating Expenses -15,920 -28,000 12,080 -20,539

Surplus for the Year 552,262 1,737 550,525 697,421

56

LEADING THE WAY, MAKING A DIFFERENCE




INTERTANKO North America801 North Quincy Street – Suite 200Arlington, VA 22203 USATel: +1 703 373 2269Fax:+1 703 841 [email protected]


www.intertanko.com

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