The GRANITE of the Commodity & Shipping , BP, Poten&Partner, BN AMRO Energy Commodities & Transportation, Agean Marine Petroleum Network Argus Media, Bloomberg , Citi Research, Clarksons The ClearTrade Exchange Pte Ltd, Clyde & Co. US LLP Credit Suisse, Danaos Corporation, European Energy Exchange, Euroseas Ltd. Evercore Partners Inc. FIS, HSH Nordbank FCStone Inc., MJLP & Associates Inc. Morgan Stanley National Futures Association, Navig8 America LLC Navios Maritime Holdings, Ridgebury Tankers Singapore Exchange (SGX) SteelShips LLC, Stifel Finance Corp. Tal International, Wells Fargo Securities, LLC World Fuels Services are in NY 2day @ today Capital Link Global Commodities, Energy and Freight and Shipping Forum, Physical and Derivatives in Manhattan. I am also told that Nikolas Tsakos from Tsakos Energy Navigation (TEN) and Barry Parker "the Charlie Rose of Shipping " from BDP1 were among the attendees;) I was not there but I am on page 8 of Capital Link Shipping Weekly Markets Report. Re: Maritimes, Come-By-Chance, U.S Commodity Hedge Fund BP OFF-TAKE AGREEMENT

1. Come by Chance comes back to life
Tankerwatcherscontinue tomonitordevelopmentsthatcouldimpactthe nascentexporttrades
inU.S. producedcrude oil (withproductscomingback).The purchase of a 115,000 barrel /day
refineryknownasNorthAtlanticRefiningLtd(NARL) atCome-By-Chance,Newfoundlandbya
NewYork basedteamof one time oil traderscouldadd furtherfuel tothese trades.The selleris
a Calgary-basedsubsidiaryof the KoreanNational OilCompany(KNOC) whichhadacquiredthe
refineryin2009 alongwitha portfolioof oil assetsinWesternCanada. Duringitsfortyyear
history,the facility’sownershave includedPetro-Canada,and,more recently,Vitol.
The refineryhasprimarilyservedexportmarkets,initsheydayinthe 1980s’ itsmaincustomers
were gasoline convenience store chainsinthe NortheasternU.S. thatbrieflyownedoil tankers.
One executivefromthe new buyers,areal estate investordubbedSilverRange Financial
PartnersLLC, was quotedinthe Canadianpresssaying:““NARLisstrategicallylocatedalong
Atlanticcrude oil shippingroutesandprovidesaccesstopetroleummarketsinEurope andthe
U.S. Easternseaboard…” The buyershave alsosuggestedthattheyhave feedstockandoff-
takingagreementsinplace with“…aglobal oil firm…”The rumor mill suggestedthatthe
investmentsyndicate includedoil giantBP- whichcouldprovide crude andcouldmarket
product.Anotherdatapointis the attendance of Mr. Harsh Rameshwar, a top SilverRange
executive(whoearnedadegree innautical studiesbefore joiningSempra,aleadingenergy
trader) at the 2014 Marine Moneyconfabheldduringlate June inNew York.
CommodityexpertSimonJacques,basedinNew Brunswick,toldSeatrade Global thathe
thoughtthat the newownersmightuse Come-By-Chance to "arb"highoctane gasoline
componentsfromEurope (aningredientinpremiumgasoline) withLR1Cleantankercargoesto

2. blenditwithlower-octanegasoline theyare producing. Mr.Jacquesexpressedaconcernthat
specificationsforCanadian-producedgasoline mightdifferfromthose forproductsoldinthe
States.
In the near-term,sourcingof lightcrude fromthe Eagle Fordregion(movedupontankersfrom
CorpusChristi) wouldseemlogical;however,supplychainscanbe fickle. Mr.Jacquesmentioned
that Exxon Mobil’shuge Hebronfields,offshore Canada- 350kilometerssoutheastof St.John’s
Newfoundland,wouldbe pumpingstartingin2017. Energy consultantsRBN alsopointoutthat
TransCanada,a large infrastructure player,isexpectedtobe sendingoil fromWesternCanada
(as well asBakkencrude,fromNorthDakota) across to the Atlanticrefineriesby2018 whenits
“EnergyEast” pipeline comesonlinein2018.
SEATRADE GLOBAL SINGAPORE