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            january 17, 2020

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Demolition of single-hull tanker may not impact charter rates


Demolition of single-hull tanker may not lead to an increase in charter rates this year because most of them were not attracting much cargoes in 2009, Mr Martin Stopford, Managing Director of Clarkson Research Service Ltd, said.
Single-hulled carriers secured 2.5 bookings a ship in 2009, down from about seven in 2004, Mr Stopford elaborated.
Over that period, 80 per cent of single hulls were scrapped, converted or marginalised in the charter market.
According to Exim News Service, owners of the world’s biggest operator of supertankers, on the other hand, are anticipating the elimination of single-hull tankers to buoy freight rates this year.
Such vessels are due to face tougher trading restrictions this year under the International Maritime Organisation (IMO) rules.
The phase-out of single-hull tankers has been much faster than the declining fleet statistics suggest, he explained. This means that the 2010 phase-out effect could be a bit of a damp squib.
The Baltic Dirty Tanker Index, an overall measure of the cost of shipping crude oil, averaged 581 points in 2009,  a decline of 62 per cent from the year before, according to data from the Baltic Exchange.

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