Another difficult year?
(Jan 4 2013)
As predicted, last year proved to be challenging for the tanker market.
On several occasions earnings fell below fixed operating costs on many of the
benchmark routes.
Rising bunker costs provided owners with a major headache but at the same time
focused the market on two concepts - slow steaming and the advent of the eco
ship.
While both of these concepts are not new, they certainly became two of the most
talked about initiatives, particularly the eco ship, Gibson Research said in a
report issued just before the holiday break.
On the supply side, while there has been a slowdown in the overall delivery
profile, another 47 VLCCs hit the water while a record 47 Suezmaxes also
entered service.
Tanker demolition was up on 2011's total at 44.1 mill dwt. The vessels sold for
recycling included 67 first generation double-hulls. Lightweight prices in
India during the 1st quarter of last year exceeded the $500 per lwt level,
which may have tempted owners to sell.
However, prices softened throughout the year but still showed healthy levels at
around $420 per lwt (India)). Impending legislation and rising fuel costs could
provide the stimulus for the removal of more units this year.
With the exception of the MR sector, tanker ordering fell to a very low level.
However, rumours about a wave of orders to support Chinese shipbuilding
continued to circulate the market from time to time, thus far (thankfully) this
has only amounted to a handful of VLCC orders, Gibson said.
Sales of secondhand tonnage have remained steady throughout the year and as
asset values continued to decline, it was clear that there are owners waiting
to pick off bargains, particularly with so much quality tonnage available.
With no let-up in financial pressures, yet more companies have had to seek
protection from bankruptcy, or have at least been forced to restructure their
finances. At times, this has involved selling assets to keep the balance sheets
ticking over.
It is rare for a year to pass without politics influencing the tanker market.
The ever tightening of sanctions on Iran has at times proved `entertaining', as
the country continued to find ways to export its crude. Prior to the
introduction of the 1st July sanctions, threats to crude supply, coupled with
events in other Middle Eastern countries, pushed up oil prices and, as a
consequence, fuel costs.
This year promises to be another eventful year for the tanker market as the
increase in tanker supply is slowing down, but generally speaking, demand
prospects still look fragile.
Hence, it may be another difficult year for many parts off the industry, but
there are still opportunities and some bright aspects to focus on, Gibson
concluded.
= fm tankeroperator =======
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