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Tuesday, October 23, 2018

DNV tanker seminar

The good performance of tankers, the structural development of the industry and the principal market trends were the main focus of a presentation by INTERTANKO’s Research and Projects Manager Erik Ranheim to 35 delegates at a DNV tanker seminar in Hamburg on 26 May 2004.

Fortunately there have been no major tanker pollution accidents since the Tasman Spirit last year, he said, adding that accidental tanker pollution over the last 7 years has only been 20% of the accidental pollution in the previous 7 years.

In recent years there has been a great deal of consolidation in the industry and several dominant players have built up large tanker fleets. A number of Greek owners have also successfully changed from mainly buying and operating second-hand tonnage to building up large modern fleets. The development of these larger, stronger tanker operating units will probably continue. The oil companies have mostly reduced their fleets, with the exception of the Middle East state-owned companies. BP is also strengthening its fleet and wants to control a larger proportion (50%) of its transportation demand. The Chinese are also building up tanker fleets to transport a large part of their growing imports.

The tanker market depends largely on significant forecast expansion in China’s oil imports as well as increasing US oil imports. This growth in US oil imports can to some extent be attributed to the building up of strategic stocks, although commercial stocks have also increased. The tanker market right now is strong. However this strength is somewhat fragile as it depends on increased demand from a few areas, while at the same time the fleet is increasing - there are not many old tankers left to be sold for decommissioning and the new tankers being delivered are larger than the ones they replace.

Ranheim’s presentation can be viewed on the INTERTANKO web site

Jan Koren of Det Norske Veritas (DNV) also made a presentation at the same seminar on ice-classed tankers. DNV is the dominating classification society in this segment with a 40% market share.

Contact: Erik Ranheim