---

The average global bunker price decreased at a slower rate than WTI crude in November 2012, according to Bunker Index price data.

The WTI settlement average fell by $2.81 per barrel, or 3.14 percent, in the month of November. However, during the same period, the BIX global bunker average declined by $23.85 per tonne, or 2.9 percent, to $810.09 per tonne.

So far this year, global bunker prices have either risen or decreased at a slower rate than WTI crude in eight of the eleven months of 2012.

Average monthly marine fuel prices have either increased or fallen at a higher rate than WTI crude in the months of January, February and September.

Please find below tables of monthly WTI crude settlement averages and BIX global bunker averages between January 2011 and November 2012.

Month	WTI Average($/bbl)	+/-	+/-(%)
Nov 2012	86.76	-2.81	-3.14
Oct 2012	89.57	-4.99	-5.28
Sep 2012	94.56	+0.39	+0.41
Aug 2012	94.17	+6.24	+7.10
Jul 2012	87.93	+5.53	+6.71
Jun 2012	82.40	-12.32	-13.00
May 2012	94.72	-8.63	-8.35
Apr 2012	103.35	-2.90	-2.73
Mar 2012	106.25	+3.84	+3.75
Feb 2012	102.41	+2.09	+2.08
Jan 2012	100.32	+1.74	+1.77
Dec 2011	98.58	+1.42	+1.46
Nov 2011	97.16	+10.73	+12.41
Oct 2011	86.43	+0.82	+0.96
Sep 2011	85.61	-0.75	-0.87
Aug 2011	86.36	-10.99	-11.29
Jul 2011	97.35	+1.01	+1.05
Jun 2011	96.34	-5.02	-4.95
May 2011	101.36	-8.69	-7.90
Apr 2011	110.05	+7.06	+6.86
Mar 2011	102.98	+12.96	+14.39
Feb 2011	90.03	+0.45	+0.50
Jan 2011	89.58

Month	BIX Average ($/mt)	+/- ($)	+/- (%)
Nov 2012	810.09	-23.85	-2.9
Oct 2012	833.94	-19.14	-2.2
Sep 2012	853.08	+20.09	+2.4
Aug 2012	832.99	+47.42	+6.0
Jul 2012	785.57	+10.62	+1.4
Jun 2012	774.95	-70.59	-8.3
May 2012	845.54	-43.51	-4.9
Apr 2012	889.05	-13.09	-1.5
Mar 2012	902.14	+28.38	+3.2
Feb 2012	873.76	+24.73	+2.9
Jan 2012	849.03	+30.85	+3.8
Dec 2011	818.18	-16.64	-2.0
Nov 2011	834.82	+20.21	+2.5
Oct 2011	814.61	-5.29	-0.6
Sep 2011	819.90	+0.52	+0.06
Aug 2011	819.38	-15.42	-1.8
Jul 2011	834.80	+11.61	+1.4
Jun 2011	823.19	+1.11	+0.1
May 2011	822.08	-24.57	-2.9
Apr 2011	846.65	+46.40	+5.8
Mar 2011	800.25	+71.17	+9.8
Feb 2011	729.08	+62.34	+9.3
Jan 2011	666.74	+29.67	+4.7