Appendix 4 – 2011 Fixed TCE Rates

The following table shows average estimated TCE rates and associated days booked for the third and fourth quarters of 2011 as of April 15, 2011.
    Fixed Rates and Revenue Days as of 4/15/11
  Q3 2011   Q4 2011
Business Unit – Crude Oil  
Aframax
Average TCE Rate $22,000 $20,000
Number of Revenue Days 157 100
Panamax 1
Average TCE Rate $18,500 $18,500
Number of Revenue Days 274 209
Business Unit – Refined Petroleum Products
MR
Average TCE Rate $14,000 $13,000
Number of Revenue Days 159 92
Business Unit – U.S. Flag  
Product Carrier
Average TCE Rate $52,500 $52,000
Number of Revenue Days 1,009 920

1 Includes one vessel on bareboat charter-out.

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