Page 53: of Maritime Reporter Magazine (June 15, 2000)

EARbook • TANkER MARkET REpORT

Setting a Course For Stability?

To characterize the business of carrying oil aboard tankers of any size or route as stable — would be fool- hardy at best. But as curious as the market's undula- tions may appear to those on the outside, it is in fact the market's instability that serves as stability.

Owning and operating a fleet of petroleum carrying tankers has undoubtedly become a much more scruti- nized and legislated endeavor than any time past. The eyes of the world, individual nations and even specific "environmentally sensitive" regions are on constant watch, prepared to strike with the broad sword of legal action in the unlikely event of an incident or catastro- phe. The heightened sense of legal responsibility has undoubtedly changed, and will continue to shape the tanker business. Simply put, the need to invest in advanced ship- board equipment and systems, to ensure proper training of the entire crew, and to acquire and properly maintain a sound fleet of ships — whether it's five or 500 ships — is essential to building and maintaining a successful business.

This point was made abundantly clear with the break up and sinking of the Erika last December, an incident which left French beaches badly soiled and European legislators hurriedly conferring on the action to be taken regarding older tankers in European waters. This one event, while obviously not solely responsible for

Existing Tankers By Ownership/Vessel Type

Owner Type

Crude Product Chem/Specialist Total

No DWT No DWT No DWT No DWT

Commodity Trade 25 2,947,786 29 731,981 2 44,747 56 3,724,514

Financial Institution 9 1,059,029 15 820,196 2 34,815 26 1,914,040

Government Agency 0 0 1 39,796 0 0 1 39,796

Government Oil Company 99 16,313,313 125 3,992,417 19 492,641 243 20,798,371

Government Shipping Company 205 16,882,284 195 7,054,246 19 454,104 419 24,390,634

Independent Company 4 372.127 4 217,873 10 349,731 18 939,731

Independent Shipowner 1,076 161,390,992 775 31,902,578 421 9,742,195 2,272 203,035,765

Oil Company 91 14,872.935 60 2,102,012 5 96,161 156 17,071,108

Oil Major 83 14,085,099 30 1,259,934 3 99,146 116 15,444,179

Total 1,592 227,923,565 1,234 48,121,033 481 11,313,540 3,307 287,358,138

Corpus Christi - Sept. 11th —

The Lift Boat GULF ISLAND V, a 3-legged jack-up, sank off Corpus Christi, Texas. The vessel sank in 100 feet of water on to her port side with half her deckhouse beneath the sea bed.

Response <& Results:

After unsuccessful recovery attempts by others, Titan's salvage team removed the wreck and placed it on shore using the 500-ton sheerlegs Southern Hercules.

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