1 Table Of Contents 2

1.1 List Of Tables 8

1.2 List Of Figures 12


2 Introduction 13

2.1 What is This Report About? 13
2.2 How to Use This Report? 13
2.3 Market Definition 13


3 Global Crude Oil Tanker Industry 14

3.1 Global Crude Oil Tanker Industry, Snapshot 14
3.2 Global Crude Oil Tanker Industry, Active Crude Oil Tankers 15
3.2.1 Active Crude Oil Tankers, VPLUS Tankers 15
3.2.2 Active Crude Oil Tankers, ULCC Tankers 16
3.2.3 Active Crude Oil Tankers, VLCC Tankers 40
3.2.4 Active Crude Oil Tankers, Suezmax Tankers 68
3.3 Global Crude Oil Tanker Industry, Planned Crude Oil Tankers 85


4 Profile of Frontline Ltd. 92

4.1 Frontline Ltd., Key Information 92
4.2 Frontline Ltd., Company Overview 92
4.3 Frontline Ltd., Business Description 92
4.3.1 Frontline Ltd., Business Description, Business Overview 92
4.3.2 Frontline Ltd., Business Description, Tankers 93
4.3.3 Frontline Ltd., Business Description, Major Products and Services 94
4.4 Frontline Ltd., Value Chain Analysis 94
4.4.1 Frontline Ltd., Value Chain Analysis, Midstream 95
4.5 Frontline Ltd., SWOT Analysis 96
4.5.1 Frontline Ltd., SWOT Analysis, Overview 96
4.6 Frontline Ltd., SWOT Analysis, Strengths 97
4.7 Frontline Ltd., SWOT Analysis, Weaknesses 98
4.8 Frontline Ltd., SWOT Analysis, Opportunities 99
4.9 Frontline Ltd., SWOT Analysis, Threats 99
4.10 Frontline Ltd., Revenue Analysis 100
4.10.1 Frontline Ltd., Revenue by Segment 100
4.11 Frontline Ltd., Financial and Operational Review 100
4.11.1 Frontline Ltd., Financial Statements 100
4.11.2 Frontline Ltd., Financial Ratios 102


5 Profile of Mitsui O.S.K. Lines, Ltd. 103

5.1 Mitsui O.S.K. Lines, Ltd., Key Information 103
5.2 Mitsui O.S.K. Lines, Ltd., Company Overview 103
5.3 Mitsui O.S.K. Lines, Ltd., Business Description 103
5.3.1 Mitsui O.S.K. Lines, Ltd., Business Description, Business Overview 103
5.4 Mitsui O.S.K. Lines, Ltd., SWOT Analysis 106
5.4.1 Mitsui O.S.K. Lines, Ltd., SWOT Analysis, Overview 106
5.4.2 Mitsui O.S.K. Lines, Ltd., SWOT Analysis, Strengths 106
5.4.3 Mitsui O.S.K. Lines, Ltd., SWOT Analysis, Weaknesses 107
5.4.4 Mitsui O.S.K. Lines, Ltd., SWOT Analysis, Opportunities 108
5.4.5 Mitsui O.S.K. Lines, Ltd., SWOT Analysis, Threats 108


6 Profile of BW Gas ASA 110

6.1 BW Gas ASA, Key Information 110
6.2 BW Gas ASA, Company Overview 110
6.3 BW Gas ASA, Business Description 110
6.3.1 BW Gas ASA, Business Description, Overview 110
6.3.2 BW Gas ASA, Business Description, LNG 111
6.3.3 BW Gas ASA, Business Description, LPG 112
6.3.4 BW Gas ASA, Business Description, Major Products and Services 114
6.4 BW Gas ASA, Value Chain Analysis 115
6.4.1 BW Gas ASA, Value Chain Analysis, Midstream 115
6.5 BW Gas ASA, SWOT Analysis 116
6.5.1 BW Gas ASA, SWOT Analysis, Overview 116
6.5.2 BW Gas ASA, SWOT Analysis, Strengths 116
6.5.3 BW Gas ASA, SWOT Analysis, Weaknesses 117
6.5.4 BW Gas ASA, SWOT Analysis, Opportunities 117
6.5.5 BW Gas ASA, SWOT Analysis, Threats 118
6.6 BW Gas ASA, Revenue Analysis 119
6.7 BW Gas ASA, Revenue by Segment 119
6.8 BW Gas ASA, Financial and Operational Review 120
6.8.1 Financial Statements 120
6.8.2 Financial Ratios 121
6.9 BW Gas ASA, Operational Indicators 121


7 Profile of Teekay Corporation 122

7.1 Teekay Corporation, Key Information 122
7.2 Teekay Corporation, Company Overview 122
7.3 Teekay Corporation, Business Description 122
7.3.1 Teekay Corporation, Business Description, Overview 122
7.3.2 Teekay Corporation, Business Description, Fixed-Rate Tanker 123
7.3.3 Teekay Corporation, Business Description, Liquefied Gas 123
7.3.4 Teekay Corporation, Business Description, Offshore 125
7.3.5 Teekay Corporation, Business Description, Spot Tanker 126
7.3.6 Teekay Corporation, Business Description, Major Products and Services 128
7.4 Teekay Corporation, Value Chain Analysis 129
7.4.1 Teekay Corporation, Value Chain Analysis, Midstream 129
7.5 Teekay Corporation, SWOT Analysis 130
7.5.1 Teekay Corporation, SWOT Analysis, Overview 130
7.5.2 Teekay Corporation, SWOT Analysis, Strengths 131
7.5.3 Teekay Corporation, SWOT Analysis, Weaknesses 132
7.5.4 Teekay Corporation, SWOT Analysis, Opportunities 132
7.5.5 Teekay Corporation, SWOT Analysis, Threats 133
7.6 Teekay Corporation, Revenue Analysis 134
7.6.1 Teekay Corporation, Revenue by Segment 134
7.7 Teekay Corporation, Financial and Operational Review 135
7.7.1 Financial Statements 135
7.7.2 Financial Ratios 136
7.8 Teekay Corporation, Operational Indicators 136


8 Profile of A.P. Moller – Maersk AS 137

8.1 A.P. Moller – Maersk AS, Key Information 137
8.2 A.P. Moller – Maersk AS, Company Overview 137
8.3 A.P. Moller – Maersk AS, Business Description 137
8.3.1 A.P. Moller – Maersk AS, Business Description, Business Overview 137
8.3.2 A.P. Moller – Maersk AS, Business Description, Container Shipping and Related Activities Segment 137
8.3.3 A.P. Moller – Maersk AS, Business Description, Container Shipping and Related Activities Segment 138
8.3.4 A.P. Moller – Maersk AS, Business Description, Oil and Gas Activities Segment 139
8.3.5 A.P. Moller – Maersk AS, Business Description, Retail Activity Segment 140
8.3.6 A.P. Moller – Maersk AS, Business Description, Shipyards, Other Industrial Companies, Interest in Danske Bank, etc., Segment 140
8.3.7 A.P. Moller – Maersk AS, Business Description, Tankers, Offshore and Other Shipping Activities Segment 141
8.4 A.P. Moller – Maersk AS, Value Chain Analysis 143
8.4.1 A.P. Moller – Maersk AS, Value Chain Analysis, Upstream 143
8.4.2 A.P. Moller – Maersk AS, Value Chain Analysis, Midstream 144
8.5 A.P. Moller – Maersk AS, SWOT Analysis 145
8.5.1 A.P. Moller – Maersk AS, SWOT Analysis, Overview 145
8.5.2 A.P. Moller – Maersk AS, SWOT Analysis, Strengths 146
8.5.3 A.P. Moller – Maersk AS, SWOT Analysis, Weaknesses 147
8.5.4 A.P. Moller – Maersk AS, SWOT Analysis, Opportunities 147
8.5.5 A.P. Moller – Maersk AS, SWOT Analysis, Threats 148
8.6 A.P. Moller – Maersk AS, Revenue Analysis 149
8.6.1 A.P. Moller – Maersk AS, Revenue by Segment 149
8.6.2 A.P. Moller – Maersk AS, Revenue by Geography 150
8.7 A.P. Moller – Maersk AS, Financial and Operational Review 151
8.7.1 Financial Statements 151
8.7.2 Financial Ratios 152
8.8 A.P. Moller – Maersk AS, Operational Indicators 153


9 Global Crude Oil Tanker Industry, Deals Landscape 154

9.1 Detailed Deal Summary 154
9.1.1 Rumored Deals 154
9.2 Acquisition 155
9.2.2 Equity Offerings 161
9.3 Debt Offerings 167
9.3.2 Asset Transactions 170


10 Global Crude Oil Tanker Industry, Recent Developments 173

10.1 Strategy and Business Expansion 173
10.1.1 Feb 15, 2008: Stena Bulk, Sonangol Start Panamax Tanker Pool 173
10.2 Financial Announcements 173
10.2.1 Sep 02, 2008: Double Hull Declares 2Q 2008 Results 173
10.2.2 Aug 07, 2008: Teekay Declares Preliminary 2Q 2008 Results 176
10.2.3 Jul 30, 2008: General Maritime Reports 2Q 2008 Results 179
10.2.4 Jul 29, 2008: OSG Reports 2Q 2008 Results 181
10.2.5 Jun 09, 2008: OSG Declares Quarterly Dividend 183
10.2.6 May 14, 2008: Double Hull Declares Q1 2008 Results 184
10.2.7 May 02, 2008: GE Shipping Reports 4Q Fiscal 2008 Results 187
10.2.8 Apr 29, 2008: OSG Declares Q1 2008 Results 189
10.2.9 Apr 02, 2008: Teekay Declares Quarterly Dividend 191
10.2.10 Feb 27, 2008: General Maritime Reports 4Q 2007 Results 191
10.3 Other Significant Developments 194
10.3.1 Sep 08, 2008: Maersk Orders Four VLCCs From STX 194
10.3.2 Jul 01, 2008: KOTC To Add New Oil Tanker To Its Fleet 195
10.4 New Contracts Announcements 195
10.4.1 Aug 13, 2008: KOTC Signs $700 Million Contract To Build Crude Tankers For Daewoo 195
10.4.2 Jul 18, 2008: GE Shipping Signs Contract With Hyundai For Two Crude Carriers 195


11 Appendix 197

11.1 Methodology 197
11.1.1 Coverage 197
11.1.2 Secondary Research 198
11.1.3 Primary Research 198
11.1.4 Expert Panel Validation 199
11.2 Units of Measure 199
11.3 Contact Us 199
11.4 About GlobalData 199
11.5 Disclaimer 200


1.1 List Of Tables

Table 1: Global Crude Oil Tanker Industry, Key Statistics, 2008 14
Table 2: Global Active VPLUS Tanker Details, 2008 15
Table 3: Global Active ULCC Tanker Details, 2008 16
Table 4: Global Active ULCC Tanker Details, 2008 (Contd.) 17
Table 5: Global Active ULCC Tanker Details, 2008 (Contd.) 18
Table 6: Global Active ULCC Tanker Details, 2008 (Contd.) 19
Table 7: Global Active ULCC Tanker Details, 2008 (Contd.) 20
Table 8: Global Active ULCC Tanker Details, 2008 (Contd.) 21
Table 9: Global Active ULCC Tanker Details, 2008 (Contd.) 22
Table 10: Global Active ULCC Tanker Details, 2008 (Contd.) 23
Table 11: Global Active ULCC Tanker Details, 2008 (Contd.) 24
Table 12: Global Active ULCC Tanker Details, 2008 (Contd.) 25
Table 13: Global Active ULCC Tanker Details, 2008 (Contd.) 26
Table 14: Global Active ULCC Tanker Details, 2008 (Contd.) 27
Table 15: Global Active ULCC Tanker Details, 2008 (Contd.) 28
Table 16: Global Active ULCC Tanker Details, 2008 (Contd.) 29
Table 17: Global Active ULCC Tanker Details, 2008 (Contd.) 30
Table 18: Global Active ULCC Tanker Details, 2008 (Contd.) 31
Table 19: Global Active ULCC Tanker Details, 2008 (Contd.) 32
Table 20: Global Active ULCC Tanker Details, 2008 (Contd.) 33
Table 21: Global Active ULCC Tanker Details, 2008 (Contd.) 34
Table 22: Global Active ULCC Tanker Details, 2008 (Contd.) 35
Table 23: Global Active ULCC Tanker Details, 2008 (Contd.) 36
Table 24: Global Active ULCC Tanker Details, 2008 (Contd.) 37
Table 25: Global Active ULCC Tanker Details, 2008 (Contd.) 38
Table 26: Global Active ULCC Tanker Details, 2008 (Contd.) 39
Table 27: Global Active VLCC Tanker Details, 2008 40
Table 28: Global Active VLCC Tanker Details, 2008 (Contd.) 41
Table 29: Global Active VLCC Tanker Details, 2008 (Contd.) 42
Table 30: Global Active VLCC Tanker Details, 2008 (Contd.) 43
Table 31: Global Active VLCC Tanker Details, 2008 (Contd.) 44
Table 32: Global Active VLCC Tanker Details, 2008 (Contd.) 45
Table 33: Global Active VLCC Tanker Details, 2008 (Contd.) 46
Table 34: Global Active VLCC Tanker Details, 2008 (Contd.) 47
Table 35: Global Active VLCC Tanker Details, 2008 (Contd.) 48
Table 36: Global Active VLCC Tanker Details, 2008 (Contd.) 49
Table 37: Global Active VLCC Tanker Details, 2008 (Contd.) 50
Table 38: Global Active VLCC Tanker Details, 2008 (Contd.) 51
Table 39: Global Active VLCC Tanker Details, 2008 (Contd.) 52
Table 40: Global Active VLCC Tanker Details, 2008 (Contd.) 53
Table 41: Global Active VLCC Tanker Details, 2008 (Contd.) 54
Table 42: Global Active VLCC Tanker Details, 2008 (Contd.) 55
Table 43: Global Active VLCC Tanker Details, 2008 (Contd.) 56
Table 44: Global Active VLCC Tanker Details, 2008 (Contd.) 57
Table 45: Global Active VLCC Tanker Details, 2008 (Contd.) 58
Table 46: Global Active VLCC Tanker Details, 2008 (Contd.) 59
Table 47: Global Active VLCC Tanker Details, 2008 (Contd.) 60
Table 48: Global Active VLCC Tanker Details, 2008 (Contd.) 61
Table 49: Global Active VLCC Tanker Details, 2008 (Contd.) 62
Table 50: Global Active VLCC Tanker Details, 2008 (Contd.) 63
Table 51: Global Active VLCC Tanker Details, 2008 (Contd.) 64
Table 52: Global Active VLCC Tanker Details, 2008 (Contd.) 65
Table 53: Global Active VLCC Tanker Details, 2008 (Contd.) 66
Table 54: Global Active VLCC Tanker Details, 2008 (Contd.) 67
Table 55: Global Active Suezmax Tanker Details, 2008 68
Table 56: Global Active Suezmax Tanker Details, 2008 (Contd.) 69
Table 57: Global Active Suezmax Tanker Details, 2008 (Contd.) 70
Table 58: Global Active Suezmax Tanker Details, 2008 (Contd.) 71
Table 59: Global Active Suezmax Tanker Details, 2008 (Contd.) 72
Table 60: Global Active Suezmax Tanker Details, 2008 (Contd.) 73
Table 61: Global Active Suezmax Tanker Details, 2008 (Contd.) 74
Table 62: Global Active Suezmax Tanker Details, 2008 (Contd.) 75
Table 63: Global Active Suezmax Tanker Details, 2008 (Contd.) 76
Table 64: Global Active Suezmax Tanker Details, 2008 (Contd.) 77
Table 65: Global Active Suezmax Tanker Details, 2008 (Contd.) 78
Table 66: Global Active Suezmax Tanker Details, 2008 (Contd.) 79
Table 67: Global Active Suezmax Tanker Details, 2008 (Contd.) 80
Table 68: Global Active Suezmax Tanker Details, 2008 (Contd.) 81
Table 69: Global Active Suezmax Tanker Details, 2008 (Contd.) 82
Table 70: Global Active Suezmax Tanker Details, 2008 (Contd.) 83
Table 71: Global Active Suezmax Tanker Details, 2008 (Contd.) 84
Table 72: Global Planned Crude Oil Tanker Details, 2008 85
Table 73: Global Planned Crude Oil Tanker Details, 2008 (Contd.) 86
Table 74: Global Planned Crude Oil Tanker Details, 2008 (Contd.) 87
Table 75: Global Planned Crude Oil Tanker Details, 2008 (Contd.) 88
Table 76: Global Planned Crude Oil Tanker Details, 2008 (Contd.) 89
Table 77: Global Planned Crude Oil Tanker Details, 2008 (Contd.) 90
Table 78: Global Planned Crude Oil Tanker Details, 2008 (Contd.) 91
Table 79: Frontline Ltd., Key Facts 92
Table 80: Frontline Ltd., SWOT Analysis, 2007 97
Table 81: Frontline Ltd., Revenue by Segment, USD Thousand, 2003-2007 100
Table 82: Frontline Ltd., Financial Statements, USD Thousand, 2003-2007 101
Table 83: Frontline Ltd., Financial Ratios, USD Thousand, 2003-2007 102
Table 84: Mitsui O.S.K. Lines, Ltd., Key Facts 103
Table 85: Mitsui O.S.K. Lines, Ltd., SWOT Analysis 106
Table 86: BW Gas ASA, Key Facts 110
Table 87: BW Gas ASA, SWOT Analysis, 2007 116
Table 88: BW Gas ASA, Revenue by Segment, USD Million, 2003-2007 119
Table 89: BW Gas ASA, Financial Statements, USD Million, 2003-2007 120
Table 90: BW Gas ASA, Financial Ratios, USD Million, 2003-2007 121
Table 91: BW Gas ASA Operational Indicators, 2003-2007 121
Table 92: Teekay Corporation, Key Facts 122
Table 93: Teekay Corporation, SWOT Analysis, 2007 130
Table 94: Teekay Corporation, Revenue by Segment, USD Thousands, 2003-2007 135
Table 95: Teekay Corporation, Financial Statements, USD Thousands, 2003-2007 135
Table 96: Teekay Corporation, Financial Ratios, USD Thousands, 2003-2007 136
Table 97: Teekay Corporation Operational Indicators, 2003-2007 136
Table 98: A.P. Moller - Maersk A/S, Key Facts 137
Table 99: A.P. Moller - Maersk A/S, SWOT Analysis , 2007 145
Table 100: A.P. Moller - Maersk A/S, Revenue by Segment, DKK Million, 2003-2007 150
Table 101: A.P. Moller - Maersk A/S, Revenue by Geography, DKK Million, 2003-2007 151
Table 102: A.P. Moller - Maersk A/S, Financial Statements, DKK Million, 2003-2007 151
Table 103: A.P. Moller - Maersk A/S, Financial Ratios, DKK Million, 2003-2007 152
Table 104: A.P. Moller - Maersk A/S Operational Indicators, 2003-2007 153
Table 105: CNOOC To Acquire Talisman Energy 154
Table 106: Enbridge To Acquire Additional Stake In Enbridge Energy Partners 155
Table 107: Stolt-Nielsen Acquires Taby Group 156
Table 108: Overseas Shipholding Group To Sell Its Subsidiaries 157
Table 109: Teekay Acquires Petrojarl ASA 158
Table 110: A.P. Moller To Acquire 50% Interest In Swift Tankers From Teekay 159
Table 111: International Oil & Gas Holdings Acquires North East Fuel, Ace Oil & Gas, And Crude Oil Marketing 160
Table 112: Double Hull Tankers Announces Exercise Of Underwriters' Over-Allotment Option 161
Table 113: Teekay LNG Partners Announces Exercise Of Underwriters' Over-Allotment Option 163
Table 114: NuStar Energy Completes Public Offering Of $247.56 Million 164
Table 115: MarkWest Energy Partners Completes Private Placement Of $90 Million 166
Table 116: Plains All American Completes Private Placement Of Senior Notes Of $600 Million 167
Table 117: MarkWest Energy Partners Completes $400 Million Private Placement Of Senior Unsecured Notes 168
Table 118: Ship Finance International To Sell Two Newbuilding Suezmax Crude Oil Tankers 170
Table 119: General Maritime To Acquire 2 Aframax Vessels From Euronav 171
Table 120: Teekay Tankers Acquires Two Suezmax Tankers From Teekay Corporation 172


1.2 List Of Figures

Figure 1: Frontline Ltd., Value Chain Analysis 95
Figure 2: BW Gas ASA, Value Chain Analysis 115
Figure 3: Teekay Corporation, Value Chain Analysis 129
Figure 4: A.P. Moller - Maersk A/S, Value Chain Analysis 143
Figure 5: GlobalData Methodology 197