Protected Web Site News

Increased secrecy in the tanker chartering market may be pushing rates lower, even though many brokers and owners like the idea of doing private business. Although it has always been a secretive business where only a portion of trading was made public, shipping sources say more and more tanker chartering is being done directly through a single broker rather than being put out to tender. However, ship owners and some brokers say charterers are able to dictate rates because they have more information about cargo and ship availability and can influence the perception of supply and demand. Despite this, most tanker brokers generally prefer private business even if it means they cannot compete for some cargoes.

Tanker owners organization Intertanko is reportedly testing a system designed to give ship owners greater market clout through increased vessel/cargo information sharing. The aim is to set up a protected Web site where vessel owners can input ship position and cargo information, giving them better information on availability of cargo and ships. Tanker owners could use the system to strengthen their market power and increase vessel utilization by pooling vessels.

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.