UK: Current Market Conditions Detrimental to Tanker Industry Sustainability

Tanker owners continue to be deeply concerned that the current tanker market is seriously jeopardising the sustainability of the tanker industry. Speaking recently to INTERTANKO’s Council in London, the Secretary General of the International Maritime Organization (IMO), Koji Sekimizu, pointed out just how much the tanker industry contributes to the world economy.

“Without the tanker industry, the world cannot survive – this is fact and reality,” he said.

INTERTANKO’s Managing Director Katharina Stanzel, went on to say: “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. 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.”

Senior leaders of the tanker industry agreed that all stakeholders need to be involved to remove distortions in the market to the benefit of everybody. To that end they have tasked the Association to engage with industry stakeholder groups to explore how best to handle the current situation while remaining committed to maintaining the highest standards of safety and quality.

INTERTANKO is in discussions with the broking and chartering communities, and will in the near future engage with other tanker industry stakeholders, to consider the critical implications of today’s realities and with a view to redressing imbalances that have developed over time.

INTERTANKO, November 28, 2012

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