Shipowners Pool Tankers To Become More Flexible

Friday, December 17, 1999
A group of leading shipowners are pooling their large oil tankers in a move to offer customers "one-stop shopping," officials of the newly-formed Tankers International said, adding that the fragmented nature of the business has required that owners consolidate to become more flexible. Shipping analysts say the creation of a 38-strong fleet may strengthen a negotiating position and could help achieve of higher charter rates. However, Tankers International officials said their focus will be more on cutting operational costs than on rates. Rates for oil tankers are currently low and in some cases daily returns have fallen below break-even for modern vessels. Ample tonnage and high bunker costs have also taken their toll on ship earnings. A P Moller, Euronav, Frontline, Overseas Shipholding Group, Osprey Maritime, and Reederei "Nord" Klaus E. Oldendorff are the shippers behind the new group. Regulatory approval is expected by Feb. 15, 2000.
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Navigation

Navigational Charts App Debuts at Ocean Business

An independent consultancy and software development company will launch a new web and PC based navigational charting app at Ocean Business 2015.   Norcom Technology

Australian Tall Ship Rounds Cape Horn

The Royal Australian Navy operated Sail Training Ship Young Endeavour rounded Cape Horn on Australia Day, 36 days into a 12-month circumnavigation of the world.

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2255 sec (4 req/sec)