An analyst panel discussion on the Tanker Sector

Source: Capital Link

Organized in cooperation with NYSE
An analyst panel discussion on the Tanker Sector

Thursday, September 20, 2007 – 11:00 am EDT – 4:00 pm London – 6 pm Athens
Live Audio Webcast at www.CapitalLinkShipping.com

New York, Wednesday, September 19, 2007. Shipping Analysts from
• Cantor Fitzgerald (Natasha Boyden)
• Jefferies & Company (Douglas Mavrinac)
• JP Morgan Securities (Jonathan Chappell)
• Lazard Capital Markets (Urs Dur)

will participate in a Virtual Panel discussion on the Tanker Shipping sector on Thursday, September 20, 2007 at 11:00 am EDT.

The Virtual Analyst Forum is organized by Capital Link, a New York based Investor Relations and Financial Communications firm focusing on shipping, in cooperation with the New York Stock Exchange.

LIVE AUDIO WEBCAST
A live audio webcast of the Analyst Forum will be available on Capital Link’s Shipping website at www.CapitalLinkShipping.com, where it will remain archived afterwards. Participants to live webcast should register on the website approximately ten minutes prior to the start of the webcast.

PANEL STRUCTURE
The panel discussion will be moderated by Gregg Krowitz, Managing Director of the New York Stock Exchange. The focus of the discussion (and the Q&A) will be on sector trends and fundamentals, as opposed to company recommendations. The discussion will cover four topics: demand, supply, freight rates and asset values, valuations, focusing on current trends and the sector’s outlook.

QUESTIONS FROM PARTICIPANTS
Participants can submit questions to the analysts prior to or during the event through the special event page at www.CapitalLinkShipping.com

TRANSCRIPT
A transcript of the panel discussion will be publicly available within approximately 48 hours after the event and those interested can request it at www.CapitalLinkShipping.com.

About Tanker Shipping:
A principal function of the tanker sector is to transport crude oil from oil production and export facilities to oil terminals, storage facilities, pipeline systems and oil refineries internationally. In addition, tankers are also involved in the carriage of refined petroleum products, such as gasoline, diesel, jet fuel and naphtha, from refineries to storage and distribution systems, industrial plants and other consumers. Tankers generally are a more cost-effective alternative to pipelines and their advantages increase over distance. Pipelines are also considered to be more vulnerable to political instability, sabotage, economic blockade and the risk of environmental disaster.

There are two principal types of providers of international seaborne transportation services for crude oil and refined petroleum products: independent shipowners and end users, such as oil, energy, petrochemical and trading companies (both private and state-owned). Tonnage controlled by end users is primarily chartered from independent shipowners under short-term spot market contracts and long-term time charters, with the balance being directly owned. The prices for transporting crude oil and refined petroleum products, which are referred to as tanker charter rates, are set in highly competitive markets in which both independent and enduser
tonnage participate.

In recent years, the tanker sector has undergone a process of consolidation that has resulted in greater cooperation between owners and charterers as both seek greater economic efficiencies and continued improvements in quality, safety and environmental protection standards. As a result, oil companies acting as charterers, terminal operators, shippers and receivers are becoming increasingly selective and rigorous in their inspection and vetting of vessels and their acceptance of vessels and operators. Safety and environmental protection has been a major focus of the tanker industry over the past years. Regulations such as OPA 90 and IMO have caused tanker owners to take extra care in the maintenance of their vessels.

According to IMO regulation only double hull tankers will trade as of 2010 with single hull tankers phasing out by that time.

Vessels in the tanker fleet can be divided into categories based on their size in deadweight tons, or dwt, which is a vessel’s capacity for cargo, fuel, oil, stores and crew measured in metric tons (1,000 kilograms).

The following are the main categories of tankers based on dwt: (1) Very Large Crude Carriers (VLCCs) -— tankers with capacity of 200,000 dwt and over; (2) Suezmax tankers — tankers with capacity ranging from 120,000 to 200,000 dwt; (3) Aframax tankers — tankers with capacity ranging from 80,000 to 120,000 dwt; (4) Panamax tankers — tankers with capacity ranging from 60,000 to 80,000 dwt; (5) Medium Range tankers (MR) — tankers with capacity ranging from 25,000 to 60,000 dwt, and (6) Small tankers — tankers with capacity up to 26,999 dwt. A 300,000 dwt tanker can carry 2 million barrels of crude oil, while a Suezmax can carry about 1 million barrels and an Aframax up to about 800,000 barrels.

Tankers that transport refined petroleum products are referred to as products tankers. Products tankers generally range in size from 10,000 to 80,000 dwt, although there are some larger products tankers designed for niche long-haul trades, such as from the Middle East to Japan, Korea and South East Asia. Products tankers generally have cargo-handling systems that are designed to transport several different grades of refined petroleum products simultaneously. These systems include coated cargo tanks that facilitate cleaning between voyages involving different cargoes.

Ice Class tankers are vessels that have been constructed (in compliance with Finnish-Swedish Ice Class Rules) with strengthened hulls, a sufficient level of propulsive power for transit through ice-covered routes and specialized machinery and equipment for cold climates.

Tanker companies listed on US Exchanges include Aries Maritime (NASDAQ: RAMS), Arlington Tankers (NYSE: ATB), B & H Ocean Carriers (AMEX: BHO), Capital Product Partners (NASDAQ: CPLP), Double Hull Tankers (NYSE: DHT), Frontline (NYSE: FRO), General Maritime (NYSE: GMR), Knightsbridge Tankers (NASDAQ: VLCCF), Nordic American Tanker Shipping (NYSE: NAT), Omega Navigation (NASDAQ: ONAV), Overseas Shipholding Group (NYSE: OSG), Ship Finance (NYSE: SFL), Teekay Corporation (NYSE: TK), Top Tankers (NASDAQ: TOPT), TORM A/S (NASDAQ: TRMD) and Tsakos Energy Navigation (NYSE: TNP).

Schedule of Capital Link Shipping Forums:

Capital Link is organizing a series of Investor Forums focused on shipping, as follows:

Dry Bulk Analyst Virtual Forum Wednesday, September 5, 2007 at 11:00 am EDT (done)
Container Analyst Virtual Forum Tuesday, September 18, 2007 at 11:00 am EDT (done)
Tanker Analyst Virtual Forum Thursday, September 20, 2007 at 11:00 am EDT
London – Invest in Shipping Forum Tuesday, December 4, 2007
Dry Bulk CEO Virtual Forum Wednesday, January 30, 2008 at 11:00 am EST
New York -2nd Invest in Shipping Forum Thursday, March 20, 2008

About www.CapitalLinkShipping.com:
Capital Link Shipping is a web based resource whose objective is to facilitate investor knowledge and understanding of shipping and its listed companies, and to facilitate the exchange of information among listed companies, industry participants and investors. The site provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

The information on the website is not an offer to buy or sell any kind of securities nor does it constitute investment advice of any kind. Capital Link does not represent or warrant the accuracy of the information in this site. The user of the site acknowledges that he/she accesses the information at his/her own risk and cannot hold Capital Link liable for any matter in any way and will use the website in accordance with the Terms and Conditions specified on the website.

The website is operated by Capital Link, a New York based Investor Relations and Financial Communications firm with a strategic focus on shipping.

Contact for Capital Link Shipping:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue - Suite 1536, New York, N.Y. 10169
Tel. (212) 661-7566 Fax (212) 661-7526
E-mail: nbornozis@capitallink.com
http://www.capitallinkshipping.com http://www.capitallink.com
Source: Capital Link, Inc.