Tanker industry strategises amid regulatory uncertainty

The conference took place in London on 22-23 April, drawing industry experts and stakeholders to discuss the pressing challenges facing ship and tanker owners.

Ms Vestereng, a key voice at the conference, shed light on the current landscape and the path forward amid regulatory ambiguity. She articulated the prevailing sentiment within the industry, describing it as a period of cautious anticipation.

"The entire industry is a little bit wait-and-see," she remarked, highlighting the uncertainty surrounding environmental regulations and compliance measures.

Shipowners, particularly in the tanker segment, are grappling with the challenge of maintaining compliance throughout their vessels’ lifecycles while navigating the evolving regulatory framework.

Efficiency emerged as a central theme in Ms Vestereng’s discourse. She stressed the imperative for tanker owners to optimise energy efficiency across their fleets, citing it as a crucial strategy amid the absence of a definitive ’perfect fuel’ solution.

With the prospect of future fuels carrying hefty price tags, Ms Vestereng underscored the importance of curbing fuel consumption as a primary objective for today’s operators.

Reflecting on the buoyant market conditions discussed during the conference sessions, Ms Vestereng acknowledged the profitability many tanker owners currently enjoy.

However, she cautioned against complacency, especially in light of the challenges posed by full yards and soaring prices.

In this context, she advised owners to focus on maximising the efficiency of their existing fleets, recognising the inevitable cost implications of operating in such a market environment.

A standout takeaway from Ms Vestereng’s insights was her emphasis on emissions data management as a critical aspect of future-proofing operations.

As the industry inches closer to stringent emissions control measures, she stressed the importance of ensuring accurate and comprehensive emissions data – a proactive measure that holds significant relevance in the evolving regulatory landscape.

Amid the complexities of regulatory uncertainties and market dynamics, Ms Vestereng’s message resonated clear: shipowners must prioritise efficiency measures and proactive emissions data management to navigate the challenges and opportunities that lie ahead in the tanker industry.