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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Oil Products Flow to Primorsk Resumed

Russia resumed oil products shipments to Primorsk after a halt following "criminal tapping" of pipeline, a subsidiary of Russian oil pipeline monopoly Transneft said.

Libya Reaches Deal to Reopen Brega Oil Port

Libya state oil company National Oil Corp (NOC) has reached a deal with security guards to end a protest at eastern Brega oil port, which is expected to allow the terminal to reopen on Tuesday,

Navigation

Fugro Launches Seastar XP2

Fugro Satellite Positioning released its Seastar XP2 PPP GNSS augmentation service on July 1, 2014, which provides increased redundancy for mission-critical offshore

Electronic Navigation & Dispute Resolution: Coming of Age

ECDIS, AIS, GPS Electronic navigation systems such as GPS, Electronic Chart Displays (ECDIS) and Automatic Identification Systems (AIS) provide great assistance

Singapore Approves Danelec New-Generation VDR

The Maritime and Port Authority of Singapore has issued a certificate of approval for the Danelec DM100 VDR for installation on ships under the Singapore registry.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1468 sec (7 req/sec)