Marine Link
Friday, October 28, 2016

Shipowners Pool Tankers To Become More Flexible

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 (OSGIQ), 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 Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News