BUSINESS DEVELOPMENT

Established in 1980, Transpetrol was initially involved in the international trade and transportation of crude oil and refined products. In 1988 the company focused on owning, managing and operating oil tankers and gradually withdrew completely from the trading activities. Today, Transpetrol is an independent, fully integrated tanker company.

The operating fleet consists of 8 tankers in the range 40,000 to 110,000 dwt. A newbuilding program comprised of 6 ships was carried out from 2004 to 2006 and the average age of the fleet is currently below 7 years. The fleet serves the requirements of major oil companies, state oil companies, independent refiners and traders.

Continuing the drive for fleet renewal, the company has since 2006 become involved in a total of 10 ships to be constructed by first-class yards. Deliveries, including two VLGCs, will take place from Q1 2009 to Q4 2011. This newbuilding portfolio, in combination with planned disposals, will ultimately create a fleet of 18 ships with an average age of about 4 years.

The group enjoys long-standing and significant support from some of the leading banks in ship financing. The company aims to further strengthen itself through close association with clients and partners sharing the same commitment to safe transportation and care for the environment.