EMEA News
Ship Efficiency Still Key, Despite Low Bunker Prices
Ship efficiency remains vital despite a dramatic drop in bunker prices, Turkish ship management company Ecoships has said in an emailed statement.
"With crude oil prices at their lowest since April 2009, the temptation is to put your foot on the gas and speed up a bit but this is not the way forward," said Hakan Ozcan, CFO for Ecoships, part of the Newport Shipping Group.
"When oil prices are low shipowners can benefit more fully from energy-saving technologies."
Ozcan acknowledged that bunkers would remain the largest single cost for shipowners and operators, but he said improved profitability from falling prices offered an opportunity for capital investment in fuel saving ships, equipment, and technology.
"It just makes economic sense," he said.
He held back from suggesting a slew of new build ships would benefit the market, however, citing problems of overcapacity.
Ozcan also said it was "highly unlikely that we will see a return to fast steaming, so vessels designed for low fuel consumption…will continue to be an integral part of the ship manager's business model."
Last month Maersk Line said it had designed its network on the basis of slow steaming and expected the practice to remain a feature of global shipping, despite currently depressed oil prices.
