Launch

Sunday, May 14, 2006

Oil tanker business to boom?

According to this:
According to a report by London-based shipbroker E.A. Gibson, shipowners may have to spend as much as $7.5 billion on new oil tankers to replace vessels that will be phased out by 2010.

It estimates that to fill the shortfall and in addition to those newbuildings already ordered, at least 80 oil tankers (carrying cargoes of between 600,000 and two million barrels each) need to be contracted.

The report adds that in 2004, shipowners spent $76.3 billion on renewing their fleet at a time when freight rates for tankers and dry-bulk vessels rose to record peaks and last year $71.5 billion was spent on oil tankers and other ships.
Looks like Korean firms will get much of the work.

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