The double-hulling of the coastal tank vessel fleets, which is required by the Oil Pollution Act of 1990 (OPA-90), will be virtually complete over the next 3 years. The double-hulling process accelerated over the last five years as non-double-hull vessels built during the 1978-1983 boom period reached their OPA-90 phase-out dates. From 2004 to 2007 tank vessel charter rates increased significantly as old, non-double-hull tank vessels were removed from service. However, the deployment of new double-hull vessels and the continuing decline in coastal tanker trades have contributed to a recent decline in rates.


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    Title :

    Coastal Tank Vessel Market Snapshot, 2007


    Publication date :

    2008


    Size :

    14 pages


    Type of media :

    Report


    Type of material :

    No indication


    Language :

    English