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- W632670086 abstract "The tanker industry faces and unprecedented situation. IMO has adopted legislation which will effectively set a finite life for 30 years on all existing crude oil tankers over 20,000 tonnes dwt. In the VLCC category alone, 79 million tonnes dwt. out of a current total of 125 million tonnes dwt. will have to be replaced (with double hull designs or equivalent) within the next 14 years at a cost of about $35 billion. Growth in crude shipments over that period could push the newbuilding requirement up to 100 million tonnes dwt. Although a replacement rate of 7 million tonnes dwt. per year is probably well within the capacity of the world's shipbuilding industry if it is spread evenly over the period, shipowners are unlikely to start ordering replacements until they can see clear signs that freight rates will be high enough to given them some return. The question of the supply/demand balance in the VLCC market is of particular concern and the paper concentrates on this size of tanker. Possible solutions to the problem are examined and the conclusion is reached that scraping must be rapidly accelerated." @default.
- W632670086 created "2016-06-24" @default.
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- W632670086 date "1992-01-01" @default.
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- W632670086 title "THE ECONOMIC AND TECHNICAL BACKGROUND TO FUTURE TANKER DEMAND" @default.
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