VESSEL EXPERIENCE FACTOR

VESSEL Voy No. 2 Eligible Voyage Last 3rd Last 4th Last 5th Last 6th Last 7th Last 8th Last 9th Last 10th Last 11th Last 12th Last 13th Last 14th Last 15th Last 16th Last 17th Last 18th Last 19th Last 20th Last
TOTALS
0.0030 Qualifying Range Notes: q List last voyage first. q Use either barrels or cubic metres; do not mix. q Cross out any inapplicable title information. q The average TCV ratio is equal to total vessel TCV divided by total shore TCV. Master/Chief Officer

AL SALMI
CARGO DESCRIPTION H.S.F.O KECO LOADPORT ROTTERDAM M.A.A. DATE GSV 06.09.11 16.07.11 1755102.0 2003713.0 BARRELS/CUBIC METRES VESSEL -OBQ = TCV 0.0 0.0 1755102.0 2003713.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3758815.0 0.99667 TO 1.00267

DATE PREPARED SHORE TCV 1755353.0 2004720.0 VCF Table Used 6A 6A LOAD RATIO 0.99986 0.99950 3760073.0 *Does Voyage Qualify? (Yes/No) 0.99967 *QUAL VOY? Y/N YES YES

1 2nd Last

AVERAGE TCV RATIO

CALCULATION OF VESSEL EXPERIENCE FACTOR

VESSEL: LOADED VOLUMES QUALIFYING VOYAGE NO. 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTALS BARRELS/CUBIC METRES VESSEL TCV 1755102.0 2003713.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3758815.0 SHORE TVC 1755353.0 2004720.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3760073.0

AL SALMI

DATE: 30-Dec-99

Complete this form to calculate a load VEF.

Qualified voyages are taken from the attached Sequential Voyage Log.

Parameters in Determining the VEF. The VEF is a compilation of the history of the TCV vessel measurements, adjusted for OBQ or ROB, compared with the TCV shore measurements upon completion of each loading. Information used to calculate a VEF should preferably be based on documents that follow accepted industry standards and practices, such as inspection company reports.

Whenever possible, manual vessel measurements should be used for volume determinations. Automatic gauging systems with accuracy/measurements tolerance equal to or better than those of manual measurements may be used for custody transfer by mutual agreement between all interested parties. All calculation procedures, such as those for temperature, volume correction factor, ROB/OBQ wedge, or trim factor, must be consistent. DO NO USE LONG OR METRIC TONS. Quantities shall be expressed in either barrels or cubic metres (gross volume at standard temperatures), but shall not be combined. Only voyages that qualify should be used in the compilation of a VEF. A minimum of five qualifying voyages is needed to calculate a VEF; however, a larger number is desirable. The definition of a qualifying voyage is one that meets the following criteria:

1. Any voyage that is within 0.0030 of the average ratio of all voyages listed. (As an example, if the average of all voyages listed is 1.00105, all voyages within the range from 0.99805 through 1.00405 would qualify.) 2. 3. 4. Excludes all voyages prior to any structural modification which affected the vessel's cargo capacity. Excludes load or discharge data where shore measurements were not available. The VEF should be calculated to five decimal places. TO COMPARE VESSEL AND SHORE VOLUMES, DIVIDE VESSEL VOLUME BY SHORE VOLUME.

Load VEF =

Total Vessel TCV Total Shore TCV

3758815.0 = 0.99967 3760073.0 Chief Officer's Signature Surveyor's Signature and Company
VEF Mar 03

VESSEL EXPERIENCE FACTOR

TEEKAY SHIPPING LIMITED
New VESSEL Voy VOYAGE CARGO DESCRIPTION No. Last 2nd Last 3rd Last 4th Last 5th Last 6th Last 7th Last 8th Last 9th Last 10th Last 11th Last 12th Last 13th Last 14th Last 15th Last 16th Last 17th Last 18th Last 19th Last 20th Last
TOTALS
0.0030 Qualifying Range Notes: q List last voyage first. q Use either barrels or cubic metres; do not mix. q Cross out any inapplicable title information. q The average TCV ratio is equal to total vessel TCV divided by total shore TCV. Master/Chief Officer VEF Mar 03

DATE PREPARED LOADPORT DATE GSV BARRELS/CUBIC METRES VESSEL -OBQ = TCV 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TO SHORE TCV VCF Table Used LOAD RATIO 0.0 *Does Voyage Qualify? (Yes/No) *QUAL VOY? Y/N

AVERAGE TCV RATIO

CALCULATION OF VESSEL EXPERIENCE FACTOR

TEEKAY SHIPPING LIMITED
VESSEL: LOADED VOLUMES QUALIFYING VOYAGE NO. 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTALS BARRELS/CUBIC METRES VESSEL TCV 1755102.0 2003713.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3758815.0 SHORE TVC 1755353.0 2004720.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3760073.0 1. Any voyage that is within 0.0030 of the average ratio of all voyages listed. (As an example, if the average of all voyages listed is 1.00105, all voyages within the range from 0.99805 through 1.00405 would qualify.) 2. 3. 4. Excludes all voyages prior to any structural modification which affected the vessel's cargo capacity. Excludes load or discharge data where shore measurements were not available. The VEF should be calculated to five decimal places. TO COMPARE VESSEL AND SHORE VOLUMES, DIVIDE VESSEL VOLUME BY SHORE VOLUME. Only voyages that qualify should be used in the compilation of a VEF. A minimum of five qualifying voyages is needed to calculate a VEF; however, a larger number is desirable. The definition of a qualifying voyage is one that meets the following criteri Whenever possible, manual vessel measurements should be used for volume determinations. Automatic gauging systems with accuracy/measurements tolerance equal to or better than those of manual measurements may be used for custody transfer by mutual agreement between all interested parties. All calculation procedures, such as those for temperature, volume correction factor, ROB/OBQ wedge, or trim factor, must be consistent. DO NO USE LONG OR METRIC TONS. Quantities shall be expressed in either barrels or cubic metres (gross volume at standard temperatures), but shall not be combined. The VEF is a compilation of the history of the TCV vessel measurements, adjusted for OBQ or ROB, compared with the TCV shore measurements upon completion of each loading. Information used to calculate a VEF should preferably be based on documents that follow accepted industry standards and practices, such as inspection company reports. Parameters in Determining the VEF. Complete this form to calculate a load VEF. Quali AL SALMI DATE: 30-Dec-99

Load VEF =

Total Vessel TCV Total Shore TCV

3758815.0 = 0.99967 3760073.0 Chief Officer's Signature Surveyor's Signature and Company
VEF Mar 03