VLCC orders expected to increase

Nov 20, 1996 01:00 AM

Japanese shipbuilders are enjoying brisk orders for very large crude oil carriers (VLCCs), now cost reduction efforts and the yen's depreciation have allowed them to compete again with their South Korean rivals. In the first nine months of this year, Hitachi Zosen Corp. won five VLCC orders from British and other customers, while Sumitomo Heavy Industries Ltd. received two orders from the United States. In 1995, the domestic shipbuilding industry managed to win only five orders for 200,000-ton or larger tankers. The industry officials attributed the increase in orders largely to a decision by the International Maritime Organisation (IMO) decision that VLCCs must have double-hull structures, starting in 1994, to prevent oil spills. In addition, the IMO does not permit VLCCs built before 1994 to be used for more than 25 years, meaning that about half of the some 420 VLCCs currently in use world-wide will have been decommissioned by around 2000. From 1997, 50 to 60 orders for VLCCs will be placed annually world-wide, an executive of Mitsubishi Heavy Industries Ltd. said. Japan and South Korea together account for some 70% of the global shipbuilding market.

Source: not available
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« August 2020 »
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events