12 June 2012 TO ALL MEMBERS Dear Sirs US VOYAGES – CARRIAGE OF PERSISTENT OIL - APPLICATION OF 50% REBATE ON VOYAGE PREMIUM Members are referred to the previous Circular (5:447) dated 20 January 2012 (for which the link is found below) on the voyage premium for voyages involving the loading or discharging of persistent oil as cargo in the US and the application of the 50% rebate on such voyage premium. A further review has been undertaken of the areas approved by the US Coast Guard (USCG) for use in loading or lightening operations outside of both the Louisiana Offshore Oil Port (LOOP) and the four additional areas designated and approved for this purpose by the USCG, as outlined in the previous Circular. Following this review, Members are requested to note that a 50% rebate on voyage premium rates for voyages involving the loading or lightening of persistent oil as cargo in the US, in areas other than ports, will be applied in areas approved for the purpose of such loading or lightening by the US Coast Guard on the same basis as prior to the Circular issued on 20 January 2012. Yours faithfully A BILBROUGH & CO LTD (Managers) All Clubs in the International Group have issued similar Circulars. Circular 5:447 – 20 January 2012 US Voyages – Carriage of Persistent Oil – Application of 50% Rebate on voyage premium. http://www.londonpandi.com/_common/updateable/downloads/documents/5447.pdf 5:453