Erika effect to chill use of older tankers, report says

05/22/2000
The wreck late last year of the tanker Erika off the coast of France (OGJ, Dec. 20, 1999, p., 38) is chilling shipping-industry attitudes about using older tankers, especially those with hydrostatic ballast loading (HBL).That's according to a special report issued last month by Poten & Partners, New York, as an update to its earlier study of tanker prospects.The "Erika effect" deflates the tanker-oversupply bubble in 2001 and afterwards with commensurate effects on rate forecasting and newbuilding activity.The Maltese-registered tanker Erika broke in half in a storm about 100 km off the northwestern coast of France Dec. 12 and spilled 10,000-18,000 tonnes of heavy fuel oil. It prompte...
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