Fri 28Aug09

WTI bbl 72.88 0.06

Crude Brent bbl 72.69 1.09
Crude prices increased on speculation of easing economy/recession.

380 cSt 180 cSt MDO/MGO Sulfur-380cst Premium

Rotterdam mtd 430.00 - 434.00 8.00 442.00 - 446.00 4.00 560.00 - 600.00 5.00 445.00 - 446.00 15.00
Antwerp mtd 432.00 - 436.00 9.00 443.00 - 447.00 3.00 565.00 - 605.00 5.00 447.00 - 450.00 15.00
Amsterdam mtd 434.00 - 438.00 9.00 450.00 - 452.00 10.00 565.00 - 605.00 5.00 x x x
NWE Hamburg mtd 430.00 - 432.00 5.00 445.00 - 447.00 5.00 560.00 - 625.00 0.00 445.00 - 447.00 15.00
Gdynia mtd 442.00 - 444.00 6.00 472.00 - 474.00 6.00 575.00 - 645.00 10.00 466.00 - 468.00 24.00
Great Belt/Skaw mtd 450.00 - 455.00 5.00 470.00 - 475.00 5.00 600.00 - 610.00 10.00 468.00 - 475.00 18.00
St. Petersburg mtd 330.00 - 335.00 5.00 345.00 - 350.00 10.00 440.00 - 475.00 10.00 370.00 - 380.00 40.00
Falmouth mtw 464.00 - 468.00 7.00 489.00 - 493.00 7.00 657.00 - 665.00 11.00 479.00 - 483.00 15.00
Immingham mtd 454.00 - 456.00 9.00 478.00 - 480.00 8.00 620.00 - 625.00 10.00 480.00 - 485.00 26.00
***PLEASE NOTE DUE TO MARKET VOLATILITY PRICES ARE SUBJECT TO ENQUIRY, PRICES SHOWN ARE INDICATIONS***
ARA-earliest dates around 26/27 Aug onwards avails tight on hsfo, due to current market movements suppliers quotes on very short validity-Prices will
vary subject enquiry size and dates-TIghtness on prompt dates. HAMBURG- still tight avails GREAT BELT/SKAW-Please note low end figures show
Skaw levels. GDYNIA/GDANSK-Avails currently O.K, prices may vary dependent on enquiry size. FALMOUTH-Earliest supply dates please check due to
schedule changing- -Barging USD 8pmt min USD 4000, all offers for Falmouth are made basis payment within 21 days from date of delivery

Gibraltar/Algeciras mtd 432.00 - 434.00 0.00 450.00 - 452.00 0.00 615.00 - 630.00 0.00 450.00 - 452.00 18.00

Med/ South France

Genoa
mtw
mtw 445.00 - 447.00
0.00
-3.00 462.00 - 464.00
0.00
-3.00 615.00 - 620.00
0.00
0.00 x x
0.00
x
Black Malta mtd 453.00 - 455.00 -2.00
-4.00
469.00 - 471.00 -2.00
-7.00
600.00 - 605.00 0.00 482.00 - 485.00 29.00
Piraeus mtd 438.00 - 440.00 453.00 - 455.00 595.00 - 600.00 0.00 475.00 - 480.00 37.00
Sea Istanbul mtw 466.00 - 470.00 0.00 478.00 - 480.00 0.00 623.00 - 628.00 0.00 x x x
Novorossiysk mtd 430.00 - 440.00 10.00 440.00 - 450.00 0.00 610.00 - 615.00 0.00 x x x
***PLEASE NOTE DUE TO MARKET VOLATILITY PRICES ARE SUBJECT TO ENQUIRY, PRICES SHOWN ARE INDICATIONS***
South of France- Avails OK-some barge loading berths out of commission offers subject to enquiry size and date. Genoa hsfo avails very tight LSFO
avail in small amounts barges currently congested. Malta-earliest dates subject enquiry size
Piraeus Barge Charge-0-300 MTS: USD 500.00 L/S over 300 MTS: USD 1,000.00 L/S Istanbul-DMA avails tight
Gibraltar- Earliest dates subject enquiry size and grades, prices will vary dependent on quantity
PLEASE NOTE GIB MDO/MGO PRICE = 0.2% DMA /0.1%DMA
Novorossiysk-Please note Novorossiysk prices shown are for supply at NOVO anchorage prices will vary depending on terminal vessel calls. Ranges on
Dammam mtd 460.00 0.00 470.00 0.00 640.00 640.00 0.00 x x x

Mid Kuwait mtw 452.00 - 454.00 4.00 470.00 - 472.00 1.00 635.00 640.00 0.00 x x x
Khor F/Fujairah mtd 450.00 - 454.00 4.00 458.00 - 462.00 -2.00 630.00 - 635.00 0.00 x x x
East Jeddah mtd 510.00 0.00 520.00 0.00 710.00 710.00 0.00 x x x
Suez mtd 493.00 - 498.00 -2.00 0.00 700.00 - 705.00 0.00 x x x
***PLEASE NOTE DUE TO MARKET VOLATILITY PRICES ARE SUBJECT TO ENQUIRY, PRICES SHOWN ARE INDICATIONS*** Note new Saudi posting
effective 27th August 2009.
SUEZ-some 380cst now available in suez, 180cst no avails at present.Gas oil very tight..
PORT SAID-limited 180 avails at present-MGO is available.
Fujairah-Earliest dates 1 Sep-some prompter dates maybe available dependent on qty and grade

Las Palmas mtd 452.00 - 454.00 -3.00 468.00 - 470.00 -3.00 615.00 - 620.00 15.00 x x x
Africa Durban mtw x 472.00 - 474.00 0.00 665.00 - 675.00 0.00 x x x
Capetown mtw x 493.00 - 496.00 -1.00 655.00 - 660.00 0.00 x x x
***PLEASE NOTE DUE TO MARKET VOLATILITY PRICES ARE SUBJECT TO ENQUIRY, PRICES SHOWN ARE INDICATIONS***
DURBAN- Extremly tight avails, alot of product already committed to contracts some spot available in small lots
CAPE TOWN: Cancellation penalty may be imposed by refinery on a 'case by case' basis. New low sulphur MGO grade Cape town barge withdrawn from
service DURBAN: Increase in barge rate from 01/01/2009 new barge rate $10pmt
Refiners releasing very small quantities each day, most committed to contract buyers avails remain in cape-town and Richard's bay

Singapore mtd 450.00 - 455.00 14.00 458.00 - 462.00 13.00 598.00 - 603.00 18.00 480.00 - 485.00 30.00
Sydney mtd x 530.00 - 532.00 5.00 700.00 - 705.00 0.00 x x x
Hong Kong mtd 450.00 - 452.00 10.00 455.00 - 458.00 12.00 610.00 - 615.00 0.00 x x x
South Korea mtd 465.00 - 467.00 7.00 480.00 - 482.00 5.00 590.00 - 595.00 0.00 x x x
Far Japan mtd 460.00 - 465.00 5.00 465.00 - 470.00 0.00 560.00 - 565.00 0.00 x x x
East Inchon
Shanghai
mtw
mtw
465.00 - 467.00
466.00 - 468.00
7.00
1.00
480.00
472.00
- 482.00
- 474.00
5.00
0.00
590.00
650.00
- 595.00
- 655.00
0.00 x x x
0.00 x x x
Port Kelang mtd 450.00 - 455.00 10.00 458.00 - 461.00 11.00 605.00 - 610.00 5.00 x x x
***PLEASE NOTE DUE TO MARKET VOLATILITY PRICES ARE SUBJECT TO ENQUIRY, PRICES SHOWN ARE INDICATIONS***
SINGAPORE-Earliest dates3rd Sept onwards, some suppliers able to do prompter dates but prices may be at a premium-avails still on the tight
side.Tokyo-ensure 3-4-days notice prior to eta. SOUTH KOREA- -seems to be easier. Two-tier market. Suppliers selecting inquiries they want to bid
on-ensure 4-5 days notice prior to eta to ensure barge and product avails .CHINA as of 1st July 2009 pricing structure has changed selective ports will
now be quoted spot basis apposed to PP as before. SHANGHAI- Change in Barging rate for SHANGHAI effective 5/1/2008 $5-$7 dependent on location min
100mts per grade. SYDNEY- Prices shown are whar

380
LQM Petroleum Services, Inc. © 2009. All rights cSt Reproduction dissemination,180
reserved. cSt or copying of this communication
distribution MDO/MGO Sulfur-380cst
is strictly prohibited. email: Premium
lqmonline@lqm.com web: www.lqm.com 1
New York mtw 448.00 - 450.00 18.00 473.00 - 475.00 15.00 630.00 - 635.00 10.00 488.00 - 493.00 40.00
Philadelphia mtw 451.00 - 453.00 18.00 476.00 - 478.00 13.00 630.00 - 635.00 10.00 491.00 - 496.00 40.00
USEC Savannah
Norfolk
mtw
mtw
444.00
460.00
- 449.00
- 465.00
6.00
17.00
460.00
485.00
- 465.00
- 490.00
5.00
12.00
635.00
640.00
- 640.00
- 645.00
5.00
20.00
452.00 - 457.00
x x
8.00
x
 Port Kelang mtd 450.00 - 455.00 10.00 458.00 - 461.00 11.00 605.00 - 610.00 5.00 x x x
***PLEASE NOTE DUE TO MARKET VOLATILITY PRICES ARE SUBJECT TO ENQUIRY, PRICES SHOWN ARE INDICATIONS***
SINGAPORE-Earliest dates3rd Sept onwards, some suppliers able to do prompter dates but prices may be at a premium-avails still on the tight
side.Tokyo-ensure 3-4-days notice prior to eta. SOUTH KOREA- -seems to be easier. Two-tier market. Suppliers selecting inquiries they want to bid

Fri 28Aug09
on-ensure 4-5 days notice prior to eta to ensure barge and product avails .CHINA as of 1st July 2009 pricing structure has changed selective ports will
now be quoted spot basis apposed to PP as before. SHANGHAI- Change in Barging rate for SHANGHAI effective 5/1/2008 $5-$7 dependent on location min
100mts per grade. SYDNEY- Prices shown are whar

380 cSt 180 cSt MDO/MGO Sulfur-380cst Premium

New York mtw 448.00 - 450.00 18.00 473.00 - 475.00 15.00 630.00 - 635.00 10.00 488.00 - 493.00 40.00
Philadelphia mtw 451.00 - 453.00 18.00 476.00 - 478.00 13.00 630.00 - 635.00 10.00 491.00 - 496.00 40.00
USEC Savannah
Norfolk
mtw
mtw
444.00 - 449.00
460.00 - 465.00
6.00
17.00
460.00 - 465.00
485.00 - 490.00
5.00
12.00
635.00 - 640.00
640.00 - 645.00
5.00
20.00
452.00 - 457.00
x x
8.00
x
Charleston mtw 0.00 0.00 636.00 - 638.00 4.00 0.00
Jacksonville mtw 444.00 - 449.00 6.00 460.00 - 465.00 5.00 635.00 - 640.00 5.00 452.00 - 457.00 8.00
Portland Maine mtd 475.00 - 480.00 -5.00 490.00 - 495.00 -15.00 650.00 - 655.00 0.00 x x x
New York: Avails ok-one supplier advising no avails. LSFO is tight, few with avails. Philadelphia: avails ok. One with LSFO. Norfolk: Avails ok.
Jacksonville: Avails are good; depending on volume could see price improvement. Savannah: Good avails-current product is LSFO -expect resupply
end August with HSFO. Charleston: Subject Inq; Limited avails. Expecting resupply Sept 2nd. WILMINGTON, NC: 380cst @ $448-450mtw, 180cst @
$466-468mtw and MDO $656-658mtw. Portland: Avails are good. mtd price basis abt 1000mt

Tampa mtd 498.00 - 503.00 0.00 502.00 - 507.00 0.00 660.00 - 665.00 0.00 x x x
Mobile mtw 442.00 - 447.00 12.00 455.00 - 460.00 12.00 640.00 - 676.00 0.00 x x x
New Orleans mtw 439.00 - 449.00 6.00 455.00 - 450.00 0.00 590.00 - 595.00 0.00 x x x
USGC Beaumont mtw 423.00 - 425.00 0.00 450.00 - 455.00 17.00 595.00 - 600.00 10.00 x x x
Houston mtw 435.00 - 440.00 13.00 445.00 - 450.00 13.00 590.00 - 595.00 10.00 x x x
Corpus mtw 480.00 - 490.00 10.00 495.00 - 500.00 10.00 620.00 - 635.00 0.00 x x x
HOUSTON: Some prompt congestion and some tight on avails. NOLA: Some tight on avails. LSFO typically available from one/two suppliers. BMT/LAKE
CHARLES: Most good avails with some prompt congestion. MOBILE: LSFO is available. Good avails to meet demand. For MDO, low price reflecting MDO,
high price MGO. TAMPA: Updated on Tuesdays. Good avails. Indications basis 500 / 50. CORPUS CHRISTI: Good avails. MDO reflecting MGO prices.
LSFO 180cst is currently available/limited avails but subject to inquiry.

Los Angeles mtw 415.00 - 430.00 0.00 445.00 - 450.00 -5.00 660.00 - 665.00 0.00 480.00 - 485.00 65.00

USWC San Fran

Seattle
mtw
mtw
445.00
450.00
- 450.00
- 455.00
15.00
13.00
455.00
465.00
- 460.00
- 470.00
15.00
15.00
740.00
610.00
- 745.00
- 615.00
0.00
0.00
x x
490.00 - 495.00
x
40.00
W Canada Portland mtw 466.00 - 475.00 0.00 480.00 - 485.00 0.00 630.00 - 635.00 0.00 x x x
Vancouver, BC mtw 475.00 - 480.00 13.00 495.00 - 500.00 0.00 700.00 - 710.00 0.00 ?
Los Angeles: Low demand. Two-tiered market explains large range. Most suppliers report good avails. San Francisco: General note: Two suppliers in the
port. One not generally working "SPOT" business and the other operationally conservative so request has to fit their scheduling. Exceptions on occasion.
Some suppliers quoting higher for 180. Seattle: One supplier advised very tight/low avails. Some barge congestion. Cruise ships are taking priority
(Fri-Sun). Portland: Prompt will pay higher. Tight on avails, one supplier out of fuel. Vancouver, BC: Good avails LSFO via blend-viscosity pending on the
East
end blended product.
Montreal mtw 485.00 - 488.00 5.00 507.00 - 520.00 2.00 790.00 - 800.00 18.00 485.00 - 488.00 0.00
Canada Halifax mtw 503.00 - 505.00 0.00 525.00 - 527.00 0.00 685.00 - 687.00 0.00 503.00 - 505.00 0.00
Montreal: Good Avails-demand limited. Three suppliers with IFO380 avails. 2 suppliers with IFO180 product available. 2 suppliers with MDO product
available. (Two suppliers generally offer LSFO 1.5%. MGO is max 0.05%). Halifax: Market report only updated on Mondays/Tuesdays -other days will be
subject inquiry.
Panama mtw 438.00 - 450.00 -2.00 452.00 - 462.00 0.00 635.00 - 650.00 0.00 x x x
Curacao mtd 469.50 - 477.00 9.50 483.50 - 500.00 8.50 661.00 - 671.00 4.00 x x x
Caribs Trinidad mtw 487.00 - 489.00 12.00 499.00 - 501.00 10.00 629.00 - 631.00 4.00 x x x
St. Eustatius mtd 480.00 - 483.00 9.00 530.00 - 533.00 9.00 701.00 - 706.00 13.00 x x x
Jamaica mtd 488.00 - 490.00 12.00 514.00 - 516.00 11.00 660.00 - 665.00 0.00 x x x
St Croix mtd 455.00 - 460.00 0.00 0.00 655.00 - 660.00 0.00 x x x
Panama: Some tight avails on both sides. One supplier advising 180cst vanadium exception Cristobal side. CURACAO: LSFO available. Prices show for
the low-end high van, high-end low van. 180cst, (RME LS 0.68%) $ 529.00 380cst, (RMG LS 0.68%) $ 522.00 TRINIDAD: Holiday 31 August. Good
avails with prompt barge congestion. ST. EUSTATIUS: Good avails. JAMAICA: Good avails. St. Croix: Good avails.

Venezuela mtw 455.00 0.00 470.00 0.00 656.00 - 664.00 0.00 x x x

La Libertad mtd 443.00 - 443.00 0.00 483.00 489.00 0.00 951.00 - 957.00 0.00 x x x
Buenos Aires mtd 490.00 - 495.00 5.00 505.00 - 510.00 -5.00 725.00 - 730.00 0.00 490.00 - 495.00 0.00
Paranagua mtd 450.00 - 451.00 -6.00 468.50 - 469.50 -6.00 641.50 - 646.75 0.00 x x x
Rio de Janiero mtd 462.00 - 463.00 9.00 480.50 - 481.50 9.00 0.00 x x x
651.00 - 657.00
South Santos mtd 453.00 - 454.00 -1.00
0.00
471.50 - 472.50 -1.00
0.00
640.50 - 646.50 0.00 463.00 - 464.00 10.00
Bahia Blanca mtd 454.00 - 460.00 489.00 - 495.00 710.00 - 717.00 0.00 455.00 - 460.00 1.00
Am Pto Bolivar mtd 445.00 - 451.00 0.00 485.00 - 491.00 0.00 953.00 - 959.00 0.00 x x x
Guayaquil mtd 444.00 0.00 484.00 0.00 952.00 - 958.00 0.00 444.00 - 450.00 0.00
Montevideo mtd 490.00 0.00 510.00 0.00 700.00 - 711.00 0.00 x x x
Valparaiso/Quintero mtd 490.00 - 495.00 0.00 505.00 - 510.00 0.00 745.00 - 750.00 0.00 490.00 - 495.00 0.00
Callao mtd 475.00 - 480.00 495.00 - 500.00
0.00 0.00 830.00 - 840.00 0.00 495.00 - 500.00 20.00
Salvador mtd
464.00 - 465.00 -4.00 482.50 - 483.50 -4.00 649.00 - 655.00 -5.00 474.00 - 475.00 10.00
Cartagena mtd
479.00 - 484.00 0.00 510.00 - 514.00 0.00 660.00 - 665.00 0.00 484.00 - 489.00 5.00
Ecuador: Prices change Wed. Tight Avails. IFO typ 1.5% but not g'teed. Brazil: Inqs less than 72hrs notice higher prices. Buenos Aires: Avails tight. MDO
min 150mt. IFO is LS1.5% max. Bahia Blanca: $ basis 500/50mt IFO/MGO. IFO is LS1.5% max. CALLAO: Reloading today. Try lower on firm inq.
LSFO not always avail. IFO/MGO also via truck. Price based 500/50mt IFO/MGO. 10 day notice required. CHILE: Very tight prompt avails -resupply Sep.6
AGW Product typ meets LSFO. Barge-high demand, subj weather/logistics. MONTEVIDEO: Low end valid till Aug.29. Strong demand. Try lower level
offers on firm inq. MGO/MDO avails ok -IFO avails case by case pending refinery. Basis 500/50mt IFO/MDO-MGO. Orders subj refinery final reconf.
Cartagena: Good avails.

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Friday Freight
+/-
Summary+/- +/-
Last Last Last Last Last Last
 Cartagena mtd 479.00 - 484.00 0.00 510.00 - 514.00 0.00 660.00 - 665.00 0.00 484.00 - 489.00 5.00
Ecuador: Prices change Wed. Tight Avails. IFO typ 1.5% but not g'teed. Brazil: Inqs less than 72hrs notice higher prices. Buenos Aires: Avails tight. MDO
min 150mt. IFO is LS1.5% max. Bahia Blanca: $ basis 500/50mt IFO/MGO. IFO is LS1.5% max. CALLAO: Reloading today. Try lower on firm inq.
LSFO not always avail. IFO/MGO also via truck. Price based 500/50mt IFO/MGO. 10 day notice required. CHILE: Very tight prompt avails -resupply Sep.6
AGW Product typ meets LSFO. Barge-high demand, subj weather/logistics. MONTEVIDEO: Low end valid till Aug.29. Strong demand. Try lower level
offers on firm inq. MGO/MDO avails ok -IFO avails case by case pending refinery. Basis 500/50mt IFO/MDO-MGO. Orders subj refinery final reconf.
Cartagena: Good avails.
Fri 28Aug09

Friday Freight
+/-
Summary+/- +/-
Last Last Last Last Last Last
Current Week Week Month Month Year Year
260 WAF USG ws 45 40 5 30 15 90 -45
250 AG JAP ws 60 35 25 55 5 110 -50
Tankers 130 WAF USAC ws 70 45 25 45
65
25
0
140
190
-70
-125
80 AG SING ws 65 65 0
80 NS USEC ws 70 75 -5 75 -5 240 -170
80 ECMEX USG ws 70 65 5 65 5 245 -175
70 CARIBS USG ws 70 65 5 65 5 245 -175
55 AG JAP ws 90 100 -10 90 0 360 -270
50 CARIBS USAC ws 85 75 10 65 20 265 -180
30 CARIBS USAC ws 90 90 0 90 0 300 -210

Capesize $/day 30,000 33,000 -3,000 33,000 -3,000 120,000 -90,000

Bulkers Panamax $/day
handy Size $/day
20,000
15,000
20,000
14,500
0
500
21,000
18,000
-1,000
-3,000
73,000 -53,000
50,000 -35,000

Trends

Bunker Costs as a % of Freight Revenue

Office Locations
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