Tanker Owners To Gain Market Clout Through New Web-Based Information Sharing System

Friday, October 01, 1999
Tanker owners organization Intertanko is preparing to test a system to give ship owners greater market clout through increased vessel and cargo information sharing. "The project will be technically available within six months and will be tested within a year," Intertanko managing director Dagfinn Lunde said. The aim of the project is to set up a protected Web site where vessel owners can input ship position and cargo information. Intertanko officials said charterers are currently able to dictate market rates because they have better information on availability of cargoes and ships. They can also influence the perception of supply and demand by regulating cargo programs. The new project would aim to give tanker owners similar information to counter the charterers' advantages, Lunde said. An incentive will be that only Intertanko members who contribute data will be allowed to access information. "The key is getting enough members willing to input data," he said. "There are always more owners willing to read data than provide it." Lunde said the idea originated from member pressure to do more about the current state of the tanker market. He added that he thinks further cooperation among tanker owners will result from the difficult market conditions. "I think we will see more vessel pooling arrangements and joint ventures being formed," he said, citing the pooling of vessels as a way owners could possibly strengthen their market power and increase vessel utilization. Pooling means that there is a greater chance of having a vessel ready to pick up a cargo without first having to sail in ballast to the loading port. Intertanko represents 270 companies which own about 75 percent of the world's independent tanker tonnage.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,

Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0605 sec (17 req/sec)