Profits up sharply for tanker owners

12/13/2004
Charter rates for oil tankers have hit historic highs around the globe, with Asian and European shippers reporting surges of income largely due to increased purchases of crude on the world's spot market (see sidebar).Continuing high demand, together with a phasing out of single-hull tankers, has also led to increased prices for the construction of new ships, giving rise to concerns that oil shipping could remain expensive for some time to come.Freight rates"With us charging our largest tankers out at $200,000/day, my only regret is only having 24 of them in the group," said Helmut Sohmen, chairman of Bergesen Worldwide Ltd., at an October conference in London.In Italy, tanker owner Na...
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