World News
Tanker Market Jeopardising Industry Sustainability
INTERTANKO, the industry organisation for independent tanker owners, says it is looking for ways to address a market that threatens the industry's sustainability.
"The sustainability of the tanker industry is a balancing act between economics, tanker safety, the environment, and the demands of our global society which depends on the safe transportation of liquid energy for its way of life," said Managing Director Katharina Stanzel.
"At our Council meeting, our members made it abundantly clear that tanker operators cannot continue to operate at current freight levels.
"The issue of tanker industry sustainability should be a topic of public conversation."
INTERTANKO quoted Koji Sekimizu, secretary general of the International Maritime Organisation (IMO), who told the organisation's council that "without the tanker industry, the world cannot survive - this is fact and reality."
The group said it is working with industry stakeholders, including charterers, to try to address imbalances in the market.
At its executive committee meeting in September, INTERTANKO members noted that independent owners have contributed to the difficult market through over-ordering, and said the group should explore ways to change the risk/reward balance for owners to ensure the industry's future sustainability.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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