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Key Concerns Facing the Tanker Industry. Tanker Outlook 2006 Singapore 26 th September 2006 Tim Wilkins Regional Manager Asia Pacific. Introduction. 1. Perspective – Where we are today 2. Key Concerns (Challenges): - Environmental – the new ‘License to Trade’? - Technical

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key concerns facing the tanker industry

Key Concerns Facing the Tanker Industry

Tanker Outlook 2006

Singapore

26th September 2006

Tim Wilkins

Regional Manager Asia Pacific

slide2

Introduction

1. Perspective – Where we are today

2. Key Concerns (Challenges):

- Environmental – the new ‘License to Trade’?

- Technical

- Human Element

- Political

slide3

Perspective

  • We can already say that 2006 will be a profitable year for tanker owners, certainly better than expected
  • With the exception of 2002, it has also been a good decade
    • Prestige – Two tier market / Maritime Safety Package
    • Venezuela strike – US oil form further a field
    • Bosporus Problems – Congestion / Night transits
    • Hurricanes in Gulf of Mexico – Oil Production Facility and Refinery closures
    • Nigeria and Iraq – Hostilities forcing market disturbance
    • Prudhoe Bay - Partial closure of North America’s largest oil field
slide4

Perspective

  • Concerns from a market perspective, despite growing oil demand predictions:
    • US and Chinese market sustainability/slow-down
    • Reduced demand due to high oil prices
    • Increasing tanker fleet
  • But 2006 was better than expected:
    • Iranian Tanker Storage
    • Prudhoe Bay
  • Market becoming accustomed to special driving forces
  • Additional considerations for the future?
slide5

Perspective

Zero Tolerance

Common Structural Rules

Ship Recycling

Revisions to MARPOL Annex II

Human Element

Oil Dependency

Charterer Relations

Air Emissions

Ballast Treatment Systems

Regional Regulation

Seafarer Competency

Criminality

Zero Discharge

slide6

Environmental

Ship Recycling

A New Mandatory Convention in 2009

- Improved Recycling Facilities

Safety and Environmental Management Systems

40-60% rate reduction?

- Requirements for Ship Owners

Greenpassport and Hazardous Materials Inventory ($200,000)

Gas-free / tank cleaning ($250,000?)

Pre-cleaning?

slide7

Environmental

Ship Recycling

Current lack of recycling activity

slide8

Environmental

Ship Recycling

A New Mandatory Convention combined with increase in phase out tonnage…

slide9

Environmental

Ballast Water Management

Treatment Systems

Regional legislation and limited ability to comply

Air Emissions

MARPOL Annex VI

Changes proposed, lower SOx (0.5%/1%/1.5%) more SECAs

Regional requirements (SECAs), EU, California

The next step; particulates, GHGs, VOCs

Bunker Prices & Bunker Quality

Cargo Generated

Engine Generated

slide10

Technical

Common Structural Rules

Robustness and Durability – before and after CSR?

Vetting (Charterer relations)

Technical

Inspections

Freight and Demurrage

Terminals

MARPOL Annex II

Chemical tanker markets – CoF for ships loading IBC cargoes

slide11

Human element

  • Seafarer Recruitment and Training
    • Concern over decreasing qualified crew
    • In-house training incentives
  • Canadian C-15 Bill
    • Seafarers to prove their innocence
  • Ship Sourced Pollution Directive
    • INTERTANKO while condemning illegal discharges, strongly objects to criminalising accidental pollution
    • Need clarity in law AND consistency with international law
    • Penalties should be proportionate AND have parity with other similar offences
    • (ashore)
    • Suspects must be treated fairly AND in accordance with basic human rights
    • States should comply with their obligations to provide reception facilities AND
    • Places of Refuge
slide12

Political

  • Ship Sourced Pollution Directive
    • Destroys “no blame” cultures
    • Discourages openness and frank reporting
    • Deters salvors in circumstances when we need them most
    • Deflects focus for proper casualty investigation and denies benefits of same
    • Destroys and damages morale of seafarers and others
    • Dissuades new recruits and accelerates departure of experienced staff
    • Drives responsible people and companies from the business
    • Is this what the legislators and society are seeking ?
slide13

Comments

  • Key Concerns for Tanker Operators – Key Concerns for Analysts?
  • “Market becoming accustomed to special driving forces”
  • - Driven by a need to change environmental and safety performance
  • Two-tier system – developing countries versus developed
    • Regional and International Regulation
  • Urge to move away from oil dependency
slide14

www.intertanko.com

thank you…