S. Korea Refiner Steps Up Single Hull Ban

South Korea's GS Caltex will reportedly ban crude shipments on single-hulled oil tankers from next year, according to a Reuters report, well ahead of international laws that timetable their phase out. The move is significant in Asia, particularly if others follow suit.

Pending the actions of others, the move could have a ripple effect on the shipbuilding industry and the need for double hull tankers. The industry is currently in the midst of a record orderbook, with much shipbuilding capacity booked through 2011.