Page 5: of Maritime Reporter Magazine (September 1996)

plummet sharply. A dearth of time charter interest in medium or long- term fixtures leaves most owners at the mercy of the spot market.

Only a handful of vessels, such as those operated by Chevron, are used to their full potential in dedi- cated trades.

The spot market itself has become increasingly focused on three main trading arenas: the

Atlantic; the Mediterranean; and

Asia/Pacific. The first is heavily influenced by the vetting require- ments of the key charterers, which is evident in the age of vessels reported fixed. And it is clear that

OPA 90 is continually marginaliz- ing more (aging) tonnage in non-

U.S. trades; owners of double hulled vessels are clearly favored.

Through the late 1980s, VLCCs increasingly dominated the Middle

East trades and many ULCCs shuttled to the Sumed pipeline causing oil movements through

Suez to fall. However, the contin- ued growth in oil output from West

Africa allowed Suezmax tankers to find a new home. However, the mid-1990s have brought about a new threat for the key West

African trades — a renewed influx of VLCCs — partly as a result of weak freight rates, but also as cargo parcels are doubled up.

History shows that during the early 1980s, VLCCs were heavily engaged in West African trades.

It may be no coincidence that the fleet of around 370 vessels is at its

Lloyd's Register To Carry

Out Type Approval For MSA

Lloyd's Register (LR) has been authorized to carry out type approval of marine equipment on behalf of the Marine Safety Agency (MSA) for British-flagged ships.

The approval covers lifesaving, fire fighting and protection, and navi- gation and marine engineering equipment. The authorization per- mits LR to issue Statutory

Equipment Approval Certificates on behalf of MSA for the following: fire appliances; structural fire pro- tection; lifesaving appliances; marine engineering systems; navi- gation equipment — Group 1;

MARPOL equipment; and crew accommodation. With the imple- mentation of the European

Directive on Marine Equipment — which is expected to take effect in 1998 — LR anticipates that its authorization will be extended to cover this directive, making the equipment acceptable for all ships flying flags of EU member states.

September, 1996 lowest point since the mid-1980s.

Almost 60 percent of the fleet is more than 15 years old, and about 100 fifth special surveys are due between 1996 and 2000, and almost 40 fourth special surveys are scheduled for 1996. More decline in fleet size seems inevitable.

Drewry's report presents a com- prehensive review of the main fac- tors at work in the market today.

It profiles in detail seaborne crude oil trades and Suezmax trading patterns, and examines the costs and revenues from operating this type of tonnage. Fleet develop- ment of the past decade is exam- ined, and all Suezmax owners and charterers are reviewed on a sta- tistical basis.

The preceding was excerpted from a report produced by Drewy

Shipping Consultants.

For more information on the

Drewry report

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