ASBA Tanker Broker Panel, L.L.C.
510 Sylvan Avenue, Suite 201
Englewood Cliffs, NJ 07632
Tel: (973) 763-1194 / Fax: (973) 763-1057
Email: asbatbp@asba.org

Since 1993 the ASBA Tanker Broker Panel has been providing industry with informed, independent and anonymous oil tanker rate assessments.

The Panel is a limited liability corporation composed of six well established and highly regarded United States tanker brokerage companies:

Dietze & Associates, LLC

The ASBA TBP provides its services through its independent clearinghouse under the direction of Virginia D. Redstone, an individual member of the Panel. All members of the Panel are members of the Association of Ship Brokers & Agents (U.S.A.), Inc.

The companies independently determine the rates that they provide for each assessment. Five of the six members are polled for a response on every request and their responses are channeled through the impartial clearinghouse where the average of the three mean rates is calculated and returned to the customer.

The Panel, with industry's support, has experienced continued success since providing its first estimate in 1993. It has grown to be a recognized entity providing a variety of services.

The ASBA TBP method has been fine-tuned and the process of fulfilling its stated purpose - to provide independent and informed oil tanker rate assessments for intracompany income allocations and impartial third party freight determinations - is being accomplished. We sincerely appreciate the support industry has lent us. We will continue to be diligent in arriving at educated, estimated market rates. We hope you will continue to use and take advantage of our service.

THE ASBA TANKER BROKER PANEL METHOD
For impartial third party freight determinations

"A SEVEN STEP APPROACH"

1. RATE REQUEST IS RECEIVED AT ASBA VIA Email or Fax
   A. All rates are received via email or fax at ASBA on the dedicated ASBA TBP line: 973-376-6090
2. THE RATE REQUEST IS RETRIEVED BY THE ASBA CLEARINGHOUSE
   A. Rates are received on site directly into the ASBA TBP computer or
   B. Rates are retrieved remotely
3. THE RATE REQUEST IS REVIEWED AND TRANFERRED ONTO THE ASBA ESTIMATED MARKET RATE REQUEST FORM
   A. All references giving any indication as to from whom the request has come are deleted (including the deletion of a vessel name if named)
   B. The rate is transferred using the exact wording used by the initiator.
   C. A section for SUBSTANTIATION is added
   D. A response time is indicated
4. THE RATE IS DISTRIBUTED TO FIVE MEMBERS
   A. The rate request is distributed to five Panel members
   B. The rotation for distribution is a continuous rotation of all Panel members.
5. THE RATES ARE REVIEWED BY THE FIVE RECIPIENTS AND RETURNED TO ASBA BY 1500 ON THE NEXT BUSINESS DAY FOLLOWING THE DATE OF THE REQUEST
   A. If a rate request is received by ASBA prior to 3:30 PM, the rate is distributed on the same day and the members are required to respond by 1500 hours on the following day
   B. By mutual agreement and for an added fee, the Panel members may respond to an urgent request on the same day or overnight.
6. THE FIVE RATES ESTIMATES ARE REVIEWED BY ASBA
   A. The five rates are compared with each other
   B. The substantiation is reviewed. The rate must be linked to something that has occurred in the specific market or in a nearby market that provides an actual database to be referred back to at a later date.
   C. The highest and lowest rate estimates are eliminated
   D. The average of the three remaining estimates is the rate
   E. The substantiation is removed from the rate estimating form and an original rate assessment form is created.
7. THE RATE IS RETURNED TO THE PARTY MAKING THE REQUEST BY FAX BY 1700 HOURS.
   A.The rate is returned by FAX or EMAIL to the Requesting Party by 1700 Hours

ASBA TBP Clients

We greatly appreciate the support of our customers and thank them for using the ASBA Tanker Broker Panel:

Amerada Hess Shipping

American Eagle Tankers

Avin International Inc.

BP Amoco Shipping (USA), Inc.

Cape Tankers Inc.

Cargill Energy

Ceres Hellenic Shipping

Chemoil Corporation

Chevron Texaco Shipping

Citgo Petroleum Corporation

Citizens Resources LLC

Colonial Oil Industries

Conoco Shipping Company

Crown Resources

Equiva Trading Company

ExxonMobil Refining & Shipping

Frachcontor Junge & Co.

Galaxy Energy (USA) Inc.

George E. Warren Corp.

Glencore Ltd.

Global Petroleum Corp.

Groton Pacific Carriers

Itochu International Inc.

IverShips Inc.

Irving Oil Industries

Jamaica Energy Partners Inc.

Koch Fuels International

Kyklades Maritime Corporation

Laurin Maritime America, Inc.

Lyondell-Citgo Refining

Marathon Ashland Petroleum Corporation

Morgan Stanley Capital Group, Inc.

Navistar Corporation

Newfoundland Transhipment

OSG Ship Management Inc.

PDVSA Petrozuata C.A.

Petro Canada Marine, Inc.

Petrostar, Inc.

Petrotrin

Phillips Petroleum Corp.

PMI North America Inc.

S.G. Energie (USA) Corp.

Sea Oil Chartering (USA) Inc.

Seagroup, Inc.

Shell Canada Products Limited

Shell International Trading & Shipping

Simar Oil (Bermuda) Ltd.

Sincrudos de Oriente Sincor CA

Skaugen Petrotrans LLC

South Caribbean Trading Ltd.

Sprague Energy Star Energy (USA) Inc.

Stolt-Nielsen Transport

Tankers International (UK) Inc.

Teekay Shipping (USA) Inc.

Texaco, Inc.

Veba Oil Supply & Trading GM

Vitol S.A., Inc.

How has the ASBA Tanker Broker Panel grown?

The ASBA TBP provides a variety of tailor made services including single voyage, weekly average and monthly average rate determinations, as well as time charter evaluations. The information is provided to the customer on a per request or contract basis. The Panel's customer base and the number of rates that have been provided each year has increased steadily as evidenced by the following table that shows growth in just one areas; the number of single voyage rates provided.