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Execution of Contract of Affreightment using Very Large Crude Carrier

Taiyo Oil (President: Yutaka Oka) shall enter into a Contract of Affreightment (hereinafter called "COA") using Very Large Crude Carrier (hereinafter called "VLCC") with Nippon Yusen Kabushiki Kaisha.

Summary

(1) Period

Two years commencing in April, 2013 (with our extension option for one additional year)

(2) Voyages

10-12 voyages per year

(3) Object Carriers

(4) Basic Route

Between Middle East (Red Sea) and Kikuma, Imabari, Ehime Pref.

The existing COA using VLCC terminates this March, so we shall enter into COA using mainly two VLCCs (both of them are double hull construction) operated by Nippon Yusen Kabushiki Kaisha in order to continue a stable and cost competitive crude transport.