Looking at 2023 chronologically, one of my highlights involved participating in the International Chemical & Product Tanker Conference, held in London in 2023
This year, the Chemical & Product Tanker Industry Leader Award was presented by MarFlex Europe corporate manager Technics, Peter Raaijmakers, to Stolt Tankers managing director, Maren Schroeder, adding an extra layer of excitement and celebrating a truly deserving winner.
Following the challenges of the pandemic, Nor-Shipping made a triumphant return in 2023, showcasing a multitude of energy-saving devices. Alfa Laval, with its OceanGlide hull air-lubrication system, and Danish tanker operator Terntank, along with Kongsberg Maritime, were honoured with the 2023 Nor-Shipping Next Generation Ship Award for their innovative wind-assist technology.
Nor-Shipping also brought attention to the important theme of Scope 3, with Frontline Management delivering an enlightening technical seminar alongside emissions software and AI provider, Arundo Analytics.
A significant step forward occurred on 7 July, as IMO’s Marine Environment Protection Committee 80th meeting (MEPC 80) adopted the 2023 IMO GHG Strategy. This strategy outlines ambition levels of emissions reduction, indicative checkpoints, and a timeline for the decarbonisation of international shipping.
"I see CII as an opportunity”
Outgoing IMO secretary-general, Kitack Lim, can rightfully include progressing shipping’s decarbonisation among his achievements during his tenure at the helm of maritime’s global administration.
In 2023, we saw how decarbonisation presents a market opportunity for tanker companies embracing cutting-edge technologies. This positive message resonated strongly at the International Tanker Shipping & Trade Conference, Awards & Exhibition 2023, as articulated by Angelicoussis Group’s energy efficiency director, Zoran Lajic, who noted: “I see CII as an opportunity.”
Looking ahead to 2024, two intriguing prospects await in the form of regulatory opportunities. The first is the EU ETS, which introduces new reporting and regulatory requirements for tanker operators. Preparation and registration are required in 2024, with action to be taken in 2025.
The second regulatory consideration is the ballast water treatment D-2 standard, which takes effect on 8 September 2024. The industry is eagerly awaiting the reaction of Port State Control — will non-compliant vessels be refused entry, or will exemptions be issued by class, or will nothing significant happen?
On a more extended horizon beyond 2024, the fundamental dynamics of tanker supply and demand come into focus. Despite a slight uptick in newbuilding contracts, the tanker orderbook-to-fleet ratio remains remarkably low. According to Clarksons Research Services, the tanker orderbook, as of mid-November 2023, was only 4.3% of the entire fleet, with the VLCC sector ratio at a mere 2.7%. For owners of modern tankers, particularly VLCCs, the outlook appears exceptionally promising.
© 2023 Riviera Maritime Media Ltd.