Not Logged In, Login,

Wednesday, April 25, 2018

25 YEARS AND STILL VETTING?

The fallout from the Erika accident has focused attention on the chartering policies of the oil majors as regards ships of 25 years of age and over.

BP, for one, has been quite clear. It will require 20-year old tankers over 100,000 dwt and 25-year old ships over 20,000 dwt to be in possession of at least a CAP 2 rating before they will be considered. Also, BP will not charter tankers operating as hydrostatic balance loading (HBL) ships. Navion/Statoil is another charterer which will still take 25-year olds as long as they have a CAP 2 certification. Provided this condition is met, Navion/Statoil will also consider HBL ships.

Some oil companies which have previously not openly stated their policies appear to be reconsidering their position. Allegedly, Elf is not now taking tankers over 25 years of age. Others are saying that they will review their chartering requirements on a case-by-case basis.  There is no doubt that activities in oil company vetting departments have become more focused since the turn of the year. One industry participant said, "There are now people in chartering asking about quality who I never thought would ask such a question." For further information, please contact robert.bishop@intertanko.com