TotalFinaElf ranks among the world's leading operators in international trading of crude oil and refined products, with more than 5 Mb/d treated. The Group's aim is to optimize the marketing of its products and to supply its refin-eries under peak conditions of safety, flexibility and cost. This objective has prompted Trading to diversify the Group's resources and outlets through spot transactions and futures contracts signed with third parties, through an international network active on all petroleum markets worldwide.
Regarding improved shipping safety, the Group confirmed commitments made early in the year pertaining to the ban on chartering ships over 20 years old and over 80,000 tons. Regarding inspection and selection of chartered vessels, it strictly applied the provisions of the February 10, 2000 Gayssot Charter on tanker transport safety.
In shipping, 2000 was marked by a sharp rise in freight rates for all sizes and types of vessel. This upwardtrend, which is expected to continue over the medium term, is due to tight supply and demand, which themselves result from a sharp increase in transportation demand over 1999 and tough-er ship selection and chartering criteria.
Efforts to upgrade and add new vessels to the fleet continued in 2000. The Berge Tokyo, a 300,000 ton French-flag new-building was time-chartered in March to replace an older ship, the Berge Ingerid. Similarly, four very new tankers, assigned to carry refined products, joined the fleet during the year.
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