News from BP, the world's largest oil company, that it plans to have "close control" over 50 percent of its tonnage by 2005 may bring a wry smile to more than a few old timers. It was not very long ago at all that oil majors were systematically divesting themselves of vessels that, they said, tied up capital unnecessarily and were not a part of their core business. At the time, they contended that they could rely on others to provide maritime transport more cheaply. Has the wheel turned full circle? Last month BP's CFO Byron Grote revealed impressive results - BP's second quarter profit was $3.1million, up 42 percent year on year while its first half figures, at $6.8 billion, were up 81 percent.