Coastal Tank Vessel Market Snapshot, 2011
The tank vessel building boom of the last decade is winding down. Over the last 10 years, 137 new/rebuilt double-hull tank vessels entered service. The surge in tank vessel deliveries over the last 10 years was due largely to Oil Pollution Act of 1990 (OPA-90) double-hulling requirements and a 2004-2007 increase in charter rates. As of year-end 2011, the double-hulling process was nearly complete, and charter rates were down significantly from four years earlier. Seven tank vessels are scheduled for delivery over the next 3 years. The orders will replace 4 non-double-hull product tankers, and perhaps other 25+ year old double-hull tank vessels that face high dry dock costs and inadequate charter rates. At 2011 rates, investment in new double-hull tank vessels, though risky, would generate a return no better than that for high grade securities.
- Record URL:
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Corporate Authors:
Maritime Administration
Office of Policy and Plans
1200 New Jersey Avenue, SE
Washington, DC 20590 -
Authors:
- Olsen, Ryan
- Perkins, Gail
- Publication Date: 2012-6
Language
- English
Media Info
- Media Type: Digital/other
- Features: Figures; References; Tables;
- Pagination: 15p
Subject/Index Terms
- TRT Terms: Investments; Market assessment; Tank barges; Tankers; Twin hulled ships
- Subject Areas: Economics; Marine Transportation; I10: Economics and Administration;
Filing Info
- Accession Number: 01502053
- Record Type: Publication
- Files: TRIS, ATRI, USDOT
- Created Date: Dec 23 2013 7:53AM