WATCHING THE WORLD WRY AGREEMENT ON OPA 90

With David Knott from London Delegates at a tanker industry convention in London last week were eased into 3 days of debate with a few pithy observations on well documented issues. "Over the last 20 years, tanker market rates have been insufficient to pay down new ships over the ships' lifetime," said Andreas Ugland, chairman of the International Association of Independent Tankers Owners, Oslo. "The present market is lousy, since we have too much tonnage," continued Ugland. "The financial