To ensure the safety of life, cargo and the environment, companies chartering oil tankers screen vessels for compliance against certain safety and operational criteria. For major oil companies, this is carried out in conjunction with Oil Companies International Maritime Forum, or OCIMF. We recognize the importance of this process, and we conduct regular periodic screenings of our vessels in order to ensure that the vessels comply with these requirements.

In 2004, OCIMF introduced the Tanker Management Self Assessment (TMSA) program. This is designed to enhance standards of safety and operational management in the tanker industry by requiring tanker operators to assess and rank their safety management systems against a comprehensive list of 12 performance criteria established by OCIMF. BW Shipping Managers commenced implementing similar procedures in 2001 and by the end of 2005 had safety and management processes in place such as to cover all the operational elements of TMSA level 4 (the highest level).

We have undertaken two further initiatives to provide assurance to charterers. First, we have invested in a hull integrity inspection and monitoring program, supported by Det Norske Veritas. In this program, every single-hull vessel has undergone digital assessment of all areas of its hull, and a vessel-specific integrity program has been established. Second, we have worked with Lloyd’s Registry of Shipping to generate a computer model of each vessel as part of the Lloyd’s Registry of Shipping Ships Emergency Response System, or SERS. This model allows various response scenarios to be digitally explored in the event of an emergency.