Key takeaways as of the date of publication of this whitepaper and based on available information to the Company:

• S&P Global Market Intelligence and S&P Global Commodity Insights estimate that there are approximately 591 tankers in the shadow fleet operating in the trade of Russian oil trade
• The shadow fleet in accordance with previous S&P Global Market Intelligence estimates from 2023 has increased by 33%
• The overall number of vessels involved in the shipment of Russian oil since December 5, 2022, is 1,431
• About 24% of all in-service crude and product tankers have engaged in the shipment of Russian oil, with 10% of those tankers representing the shadow fleet
• Tier 1 fleet of highest-risk vessels consists of 271 tankers with a total carrying capacity of 37.8 million dwt, nearly 6% of the overall global fleet in capacity terms
• Russian, Iranian, and Venezuelan state interest operate roughly 60% of Tier 1 ships and are responsible for meeting the countries’ logistics requirements
• Top flag state in Tier 1 is Iran with 69 ships, most of which are associated with Iran’s state-owned operator
• Tier 2 showed large-scale re-flagging, with 35% of vessels in this band changing their flag twice, and 12% changing more than three times
• Tier 2 had 311 unique registered owners associated to the 320 vessels in this group, demonstrating how single ship fleets (SSFs) are becoming more prominent, with 73% of companies founded after 2022
• Tier 3 accounted for 59%, or 840 tanker vessels, half of which are owned by companies domiciled in Greece
• Tier 3 involvement in the Russian oil trade doubled from 26% of total flows in 2021 to 52% of crude and product exports during 2023