Reply from Worldscale Association (London & New York)

February 10, 2003

R W Porter <rwporter@worldscale.co.uk> wrote:
Dear Sirs,

We have taken due note of the contents of your various messages. Whilst we
do not contest the historical claim to the use of the term 'Persian Gulf',
we strongly refute that there is a 'gross mistake' on our website. The term
'Arabian Gulf' has become the accepted nomenclature for that particular
area in the international tanker industry at least since the Iranian
government wished to dispense with any references to 'Persia'. With the
possible exception of those based in Iran itself, all the major
international oil companies and tanker owners refer to the 'Arabian Gulf'
to reflect the generality of the Gulf, Straits of Hormuz and into the Gulf
of Oman in their commercial dealings, and in particular when engaging in
chartering transactions, which is where Worldscale is widely used as a tool
that reflects market usage. Worldscale merely reflects what is common
commercial usage in the same way that the commercial term 'Black Sea'
refers to a trading area which encompasses the Sea of Azov, Black Sea,
Bosporus, Sea of Marmara, Dardanelles to the Mediterranean.

It is not the role of Worldscale to attempt to change accepted industry
terminology merely to reflect current industry usage. We, and our sister
organisation the Worldscale Association in New York (who solely deal with
issues in the Americas and are not the relevant authority on this subject
within Worldscale), refute your allegation that there is a gross mistake
on our web site and would appreciate your apologies for your spurious
allegations.

Regards.
Robert W. Porter, Managing Director.
Worldscale Association (London) Limited

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