PitchSend

Investor Presentaiton

Conclusion: differences today vs. Oil 2018 . Higher oil prices, weaker economic outlook – mean lower demand growth & higher supply e.g. US. • Slightly more diesel - VLSFO could be available from refining. • Diesel demand fundamentals have deteriorated. • • Under a scenario similar to that of Oil 2018 (100% HSFO → 30% VLSFO, 30% MGO, 40% HSFO): ➤ Diesel may be less stretched due to lower inland demand growth. ➤ Realistic scenario today may be closer to 30% VLSFO, 40% MGO and 30% HSFO. Given recent market developments, impact on prices will depend on: ➤ Scrubbers installed - some recent acceleration in orders. ➤Logistical constraints Compliance iea © IEA 2016

View entire presentation