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Friday, December 5, 2003
Single-hull vessel rules tighten
The United Nations shipping agency agreed to accelerate a ban on single-hulled oil carriers, moving to eliminate almost half the world's tanker fleet by 2010 in response to last year's Prestige spill off Spain.
A committee of the International Maritime Organization, meeting in London, banned tankers with single-layered hulls from carrying fuel oil and heavy crudes as of April 2005, and ordered a total phaseout sped up from 2015, spokeswoman Natasha Brown said.
"The ban may lead to rising ship values, increased demand for new ships and higher rates," Oscar Spieler, chief executive at Frontline Management, the operations unit of Frontline Ltd., said yesterday in a telephone interview from Oslo, Norway. Seventy percent of Frontline's 65 tankers are double-hulled.
The Prestige spill, the second disaster involving a single-hulled tanker in European Union waters in three years, damaged hundreds of miles of Atlantic coastline and Spain's fishing industry. The EU reacted by banning most single-hull tankers from hauling heavy oils to its ports as of October.
Under yesterday's decision by the IMO's Marine Environment Protection Committee, some of the ships will be able to operate until 2015, or when they reach an age of 25 years, Brown said.
Single-hull vessels make up about 48 percent of the 2,514 tankers worldwide, according to E.A. Gibson, a London-based ship broker.
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