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Intertanko “Preparing for the Unpredictable” Robert P. Curt ExxonMobil Marine Transportation. Points to be Covered. What makes the tanker market move? What causes oil spill legislation? ExxonMobil’s efforts to reduce these causes ExxonMobil’s oil spill record

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Presentation Transcript
slide1

Intertanko

“Preparing for the Unpredictable”

Robert P. Curt

ExxonMobil Marine Transportation

INTERTANKO APRIL 2003

slide2

Points to be Covered

  • What makes the tanker market move?
  • What causes oil spill legislation?
  • ExxonMobil’s efforts to reduce these causes
  • ExxonMobil’s oil spill record
  • ExxonMobil’s demurrage claims initiative
  • Positioning for the next event

INTERTANKO APRIL 2003

slide3

Tanker market responds to critical events – generally short-term rates go up

INTERTANKO APRIL 2003

slide4

Pre-Gulf War escalating peaks are a sign of improved balance between supply & demand

INTERTANKO APRIL 2003

slide6

The late 2002/early 2003 rate jump:

  • Weather
  • Prestige sinking
  • Venezuelan strike
  • War
  • New/increased long haul VLCC cargoes
  • Carib crude to Far East
  • European/American fuel to Singapore
  • Black Sea crude to Far East & USWC

INTERTANKO APRIL 2003

slide7

Certain oil spills result in changes in legislation, even if they are not the largest

Source: ITOPF

INTERTANKO APRIL 2003

slide8

ExxonMobil Focus on Flawless Operations

  • Rigorous vetting reduces unpredictable events
  • Focus on improvements that can benefit both charterer and owner
  • Flexible chartering coverage strategy based on mix of term and spot that provides ability to cope with unpredictable events

INTERTANKO APRIL 2003

slide9

ExxonMobil Vetting Requests Have

Significantly Increased

** More owners meet criteria today with far less failing vetting

INTERTANKO APRIL 2003

slide10

ExxonMobil Has Significantly Improved Oil Spill

Performance of Owned and Chartered Vessels

  • Our vetting affiliate works closely with owners to assist them in
  • meeting improved standards
  • Development of Marine Environmental & Safety Criteria
  • Term Business with High Quality Owners
  • Oil to Water incidence rate has dropped from 1 per 100
  • port calls in 1984 to .02 per 100 port calls in 2002

INTERTANKO APRIL 2003

slide11

Recent ExxonMobil Oil Spill History

Continuous improvement in operated fleet performance

In 2002, operated and time chartered fleets spilled a total of ~2 barrels

- Or 2.3 teaspoons spilled / 1 million gallons transported

INTERTANKO APRIL 2003

slide12

ExxonMobil Claims Processing Improvement

Problem: No standard was in place for submitting demurrage claims

  • No administrative guidance
  • Extensive recycling of documents
  • Required great personnel effort
  • Excessive delay before settlement

INTERTANKO APRIL 2003

slide13

ExxonMobil Claims Processing Improvement

  • Shipowners and charterers working together to improve efficiency
  • New clause implemented to improve claims processing
  • Initial reluctance from industry:
    • Why change?
    • “This can’t be good for owners!”

INTERTANKO APRIL 2003

slide14

ExxonMobil Initiative

For Efficient Demurrage Claim Processing

  • Supporting Documentation Needed:
  • Completed ExxonMobil Port Log
  • Notice of Readiness Messages at all ports/berths
  • Bills of lading for co-loads and parcels tankers
  • Notes of protest given or received by vessel
  • Pumping logs
  • Crude Oil Washing logs (if applicable)
  • Statement of facts/Port logs/ Terminal time sheets
  • Agents’ time sheets

INTERTANKO APRIL 2003

slide15

Claims Processing Improvement Initiative

  • Following the administrative procedure will speed
  • up claims processing
  • Average claims processing time has been reduced
  • in half after implementation of the clause
  • Although initial industry reluctance to accept
  • change, results have been favorable to owners
  • Charterer’s administrative efforts reduced
  • Owner gets paid sooner
  • Broker gets commission sooner
  • Win - Win - Win

INTERTANKO APRIL 2003

slide16

Continuous Improvement

  • Electronic submissions of ExxonMobil Port Log
  • Electronic submission of all time logs to further reduce complications
  • These initiatives will allow the analysts to spend their time reviewing claims instead of reentering data
  • Goal: Get demurrage to be as standard as freight

INTERTANKO APRIL 2003

where do we go from here
Where do we go from here?
  • Maintain rigorous vetting programs that reward quality vessels, owners and operators
  • Operate flawlessly
  • Generate contingency plans for possible economic, market, and operational risks
  • Maintain operational/chartering flexibility to meet unforeseeable contingencies
  • The next unpredictable event – will the industry be ready?

INTERTANKO APRIL 2003