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2nd TANKER SECTOR FORUM
Senior Management of General Maritime Corporation, Teekay Tankers Ltd. and Tsakos Energy Navigation
to Discuss Developments of the Tanker Shipping Sector
Wednesday, July 1, 2009 11:00 am EDT (4:00 pm London, 5:00 pm Paris, 6:00 pm Athens)
Organized in Cooperation With 
will participate in a Webinar Panel discussion on the tanker shipping sector on Wednesday, July 12, 2009 at 11:00 am EDT (4:00 pm London, 5:00 pm Paris, 6:00 pm Athens). The discussion will be moderated by Mr. Daniel Burke, Senior Equity Analyst, Clarksons Johnson Rice.
The Tanker Forum is organized by Capital Link, a New York-based Investor Relations and Financial Communications firm with strategic focus on shipping,
ACCESS TO THE DISCUSSION
The panel discussion can be accessed only through a live audio webcast at www.CapitalLinkWebinars.com or at Capital Link's Shipping Website www.CapitalLinkShipping.com.
Participants to the live webcast should register on the website approximately ten minutes prior to the start of the webcast. Please go to the above indicate websites to register and access the event.
After the event, the panel discussion will remain archived and accessible through the same websites indicated above.
PANEL STRUCTURE
The focus of the discussion (and the Q&A) will be only on sector trends and fundamentals, and not on company specifics or 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 panelists prior to or during the event through the special feature on the event page, or they can email them to us at questions@CapitalLinkWebinars.com.
TRANSCRIPT
A transcript of the panel discussion will be publicly available at no cost within approximately 48 hours after the event and those interested can request it when they register for the event or afterwards through the event page at websites indicated.
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 end-user tonnage participate.
In recent years, the tanker sector has undergone a process of consolidation that has resulted in greater co-operation 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.
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 1million barrels and an Aframax between 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.
About General Maritime Corporation
General Maritime Corporation is a leading crude and products tanker company serving principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 31 tankers -- two V-MAX, twelve Aframax, eleven Suezmax tankers, two Panamax and four Product tankers -- with a total carrying capacity of approximately 4.0 million dwt.
For further information please visit the company's website at www.generalmaritimecorp.com.
About Teekay Tankers Ltd.
Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation (NYSE: TK) as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers and two double-hull Suezmax tankers, which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate time-charter contracts and spot tanker market trading. Teekay Tankers intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. Teekay Tankers' common stock trades on the New York Stock Exchange under the symbol "TNK".
For further information please visit the company's website at www.teekaytankers.com
About Tsakos Energy Navigation
TEN's pro forma fleet consists of 50 vessels of 5.3 million dwt. TEN's operational fleet consists of 46 vessels all of double-hull design. TEN's newbuilding program includes four DNA-aframax crude carriers representing 420,000 dwt. TEN's balanced fleet profile is reflected in 25 crude tankers ranging from VLCCs to aframaxes and 24 product carriers ranging from aframaxes to handysize; complemented by one LNG.
For further information please visit the Company's website at www.tenn.gr
About Clarkson Johnson Rice
Clarkson Johnson Rice is a marketing services agreement between Johnson Rice & Company LLC and Clarkson Investment Services, a division of H Clarkson Plc. The association between Clarkson and Johnson Rice combines Clarkson's global knowledge of the offshore and shipping sectors with Johnson Rice's equity research, securities distribution and investment banking business in the United States. Research of publicly listed companies in the United States is produced under the "Clarkson Johnson Rice" trade name. Johnson Rice, founded in 1987, is U.S.-based investment banking firm. H Clarkson PLC is a 155 year old publically traded company located in London, England and is the preeminent company involved in shipping brokerage service, sales and purchase of ships and is the largest provider of information on shipping, offshore drilling rigs and support vessels in the world.
About NYSE Euronext
NYSE Euronext (NYX) is the world's most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the United States that include cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions. With over 8,000 listed issues globally, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca, and NYSE Amex -- represent nearly 40% of the world's cash equities trading volume, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world's second largest derivatives business by value of trading. NYSE Euronext offers comprehensive global commercial technology, connectivity, and market data products and services through its innovative trading solutions unit, NYSE Technologies. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index.
For more information, please visit: www.nyx.com.
About Capital Link
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.
In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of our investor relations activity, such as:
- www.CapitalLinkShipping.com: A web based resource that 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.
- Weekly Capital Link Shipping eNewsletter: Weekly distribution to an audience of 35,000 subscribers in the US & European shipping investor communities with updates on the shipping markets, the stock market and listed company news.
- www.CapitalLinkWebinars.com: Sector Forums & Webinars: Periodically, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest.
- Capital Link Investor Shipping Forums: in New York, Athens and London, which bring together investors, financial advisors, listed companies CEOs, analysts, and shipping industry participants.
- www.MaritimeIndices.com: Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Tanker Index, CL Dry Bulk Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index - Bloomberg page: CPLI).
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: shipping@capitallink.com
Event Website: http://www.capitallinkwebinars.com
Shipping Portal: http://www.capitallinkshipping.com
Corporate Website: http://www.capitallink.com
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