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Erik.Ranheim@INTERTANKO Manager Research and Projects, INTERTANKO

Tanker performance Instituto Iberoamericano de Derecho Maritimo XII Congress/XX Anniversary Seville 14 November 2007. Erik.Ranheim@INTERTANKO.com Manager Research and Projects, INTERTANKO. INTERTANKO. International Association of Independent Tanker Owners

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Erik.Ranheim@INTERTANKO Manager Research and Projects, INTERTANKO

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  1. Tanker performance Instituto Iberoamericano de Derecho MaritimoXII Congress/XX AnniversarySeville 14 November 2007 Erik.Ranheim@INTERTANKO.com Manager Research and Projects, INTERTANKO

  2. INTERTANKO International Association of Independent Tanker Owners A non-governmental organization established in Oslo in 1970 to represent tanker owners Membership: 280 members40+ countries2,800+ tankers226 million dwt75% of independent tanker fleet300 Associate Members Oslo – London - Singapore – Washington Spokesman – information service – meeting place

  3. MISSION “Provide leadership to the Tanker Industry in serving the world with safe, environmentally sound and efficient seaborne transportation of oil, gas and chemical products.” VISION for the TANKER INDUSTRY “A responsible, sustainable and respected Tanker Industry, committed to continuous improvement and constructively influencing its future.” 2. INTERTANKO

  4. Tanker challenges Carrying the world’s most strategic raw material from some of the most politically tense areas in the world Carrying liquids and gases that pollute and are potentially hazardous Operating in a very volatile and uncertain market.

  5. Introduction to the tanker industry

  6. Seaborne Crude Oil Trade Flows 2006

  7. Seaborne oil trade and Middle East oil production '000 bil tm mbd Source: Fearnleys/IEA

  8. VLCC spot and break-even rates $ per day freight rate

  9. Tanker shipping cost efficientOil prices and tanker rates – real and nominal $/barrel

  10. Tanker shipping cost efficientUS CIF oil price/freight costs - $/barrel 43% 5% 6% 7% 6% 5% 4%

  11. Tanker shipping cost efficientGasoline price at the pump Euro per litre

  12. Tanker ownership m dwt Current value fleet :~ $200 bn Freight income 2006:~ $45 bn

  13. Tanker contracting by segment m dwt m USD Source: Clarkson Shipyard Monitor

  14. Tanker fleet, orderbook and phase outtankers above 25,000 dwt m dwt 84 m dwt 138 m dwt 339 m dwt

  15. Tanker phase out, deliveries, scrapping tankers >25,000 dwt, assume 2.5% trade growth m dwt

  16. Tanker fleet by hull % * Assumes phase out according to regulations and trading until the age of 25 years after 2010 except that 10 SH aframaxes/VLCCs/suezmaxes are assumed to be removed in addition to phase out 2008-2010 (conversions).

  17. World oil demand increase - mbd mbd Increase 2008 Rest of world: Other Asia: 0.19 mbd Latin America: 0.16 mbd Africa: 0.11 mbd Europe: 0.21 mbd Others 0.4 0mbd Total 1.94 mbd Source: IEA

  18. Tanker safety and the environment

  19. Tanker trade and accidental oil spills99.99998% of the cargo arrives safely 1000 ts spilt bn tonne-m Amoco Cadiz 78 – 223 4 Independenta 79 - 95 Atlantic Empress 79 – 287 1 Exxon Valdez 89 – 37 Haven 91 - 144 ABT Summer 91 – 260 2

  20. Tanker incidents – all sizes all types No incidents ‘000 ts oil spills

  21. Tanker incidents by cause 1978-1Q07 Oil pollution – 1000 ts Number incidents 31% 10% 20% 27% 12% Tasman Spirit Prestige Bright Artemis Al Samidoon Baltic Carrier Erika DBL 152 Source: Based on incident reports from Lloyd’s Maritime Information Service

  22. Tanker incidents by cause 2006 Source: Based on incident reports from Informa

  23. Total losses, tankers and bulkers Number Source: Clarkson

  24. Trends – Co2 emission, energy use, global trade Index Source: Fearnleys/INTERTANKO

  25. World CO2 emission

  26. Shipping and the environment • Fuelled by the dirtiest part of the barrel • resulting in emissions of: • SOx • NOx • un-combusted hydrocarbon • Heavy metals • Soot

  27. Reducing harmful emissions from ships • Onboard abatement technology • Scrubbers, filters, separators, catalysts • SECAs/NECAs • Sulphur/Nitrogen Emission Control Areas • Type and quality of fuel • Heavy fuel oil = a blending of refinery residues and distillate (up to 30% dist.) • Distillates = gasoil and diesel

  28. Parties in the current regulatory and governance structures 1x2x3 Paris MoU

  29. Regulatory changes Accidents Unlikely Mistrust of shipping Self-regulation Bureaucracy-driven Political interference

  30. Ideal regulatory/governance system • Global, simple, clear regulations created by competent people based on knowledge and analysis • Strong, effective, regular controls by responsible bodies • Port State - Control of last resort? • Centralised comprehensive accident registration, investigation and analysis • Transparency – obligation to report incidents

  31. Tankers perform Tankers serve the major oil companies, which today are some of the most difficult clients in the world to satisfy, and tanker owners are under a great deal of pressure from the authorities. Zero tolerance for oil spills

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