Large environmental protection vessels do not need to be newly built
2013-10-19 09:00
Euronav, a Belgian owner of medium and large tankers, stated that so-called eco-ships do not exist in the large tanker market. Retrofitting existing older vessels can achieve the same energy-saving effects as an eco-ship, at a cost far lower than ordering a new ship. Therefore, the company sees no need for new construction projects.
The company stated this in its third-quarter 2013 financial report released on the 15th. Taking large tankers of Suezmax size and above as an example, once existing older vessels implement fuel-saving retrofit projects, they can achieve nearly the same fuel savings as an eco-ship at a much lower cost than new orders. There is a gap between the advertised fuel-saving performance of vessels at shipyards and their actual performance. The company explained that the current supply and demand imbalance in the large tanker market is quite severe. Under these circumstances, new construction projects may lead to lower freight rates. Therefore, in terms of profitability, retrofitting existing vessels is superior to new construction.
In addition, the company currently operates 16 Suezmax tankers and 9 VLCCs in the spot market, and another 9 Suezmax tankers, 3 VLCCs, and 2 FSOs are committed to time charters.
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