Petroleum shipping industry facing shortage, two studies say

Two analyses of petroleum-related shipping for the US and world, respectively, announced last month that that industry is headed for crisis.The US may be facing a severe US-flagged tanker shortage, unless construction of double-hulled vessels picks up dramatically, according to the Shipbuilders Council of America, Arlington, Va. Root cause of the impending shortage is the US Oil Pollution Act of 1990.In another study, shipping consultant Poten & Partners, New York, said that time-charter rates in force as late as last month for very large gas carriers (VLGC), carrying LPG, made it impossible for companies to justify new investments in new vessels.ImplicationsAccording to the Shipbuilders ...

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