Erika effect to chill use of older tankers, report says

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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