Ch13 Article 2 - COMPANIES - INTERNATIONAL Oil tanker...

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Page 1 of 2 2009 Factiva, Inc. All rights reserved. COMPANIES - INTERNATIONAL Oil tanker owners see rates fall By Robert Wright in London 633 words 6 May 2009 Financial Times FTFT Asia Ed1 17 English (c) 2009 The Financial Times Limited. All rights reserved INDUSTRIAL TRANSPORT Oil tanker owners have become the latest ship-owners to see earnings plummet, after the rates earned by some ship classes fell by more than half in two months. The fall in rates has seen some owners forced to charter out their vessels for rates well below the cost of operating and financing them. However, owners and market analysts remain far more bullish about the sector's prospects than their counterparts in depressed dry bulk and container shipping. Oil demand has fallen only about 1.5 per cent because of the world recession and the sector is far less likely than others to be swamped with excess ships. Johnny Plumbe, chief executive of ACM Shipping, a London-based shipbroker specialising in tankers, said the halving of rates was down to psychology and sentiment in the market. "What you have is almost the same volume effectively moving with pretty well the same number of ships
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Ch13 Article 2 - COMPANIES - INTERNATIONAL Oil tanker...

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