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To: Haim R. Branisteanu who wrote (213268)	1/8/2003 11:28:36 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Haim, >>Oil tankers business has peaked, until a recovery is in sight they will not be attractive I disagree. There is a process in place world wide to scrap the single hull tankers and we recently had a requirement to eliminate single hull tankers in Europe after the tanker went down in Spanish waters. In order for investors to replace these tankers the lease rates must go up because the cost of building tankers has increased. The Koreans recently announced an increase in orders of building tankers. I believe there will be a demand problem for tankers for at least the next 5 years as you do not build one of these monsters overnight. Both NAT and VLCCF have their tankers insured and it is my opinion there is low risk of capital to the shareholder of these companies. They also have the companies structured so each tanker is a separate corporation which is advantages if there is a disaster with one of their tankers.