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Council meeting in London
September 2003
A few reflections on the future…
Lars Carlsson, Chairman of Intertanko
Safe TransportCleaner SeasFree Competition
INTERTANKOINTERTANKOInternational Association of Independent Tanker OwnersInternational Association of Independent Tanker Owners
Working for
Tanker Safety – a Success StoryTanker Incidents
0
100
200
300
400
500
600
700
800
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
MiscellanousFire, explosionContactWrecked/strandedCollisionHull, machinery
Source: LMIS
Age Profile of Tanker Fleet
0
50
100
150
200
250
300
350
End-1997 Mid-2003 End-2007
mil
lio
n d
wt
Age 0-9 Years Age 10-19 Age 20+
36%
41%
23%
51%
31%
18%
65%
33%
2%
Double-Hull Transition Smooth Through 2009
0
50
100
150
200
250
300
350
End-2002 End-2003 End-2005 End-2007 End-2009
mil
lio
n d
wt
Double-Hull Fleet Single-Hull Fleet
VLCC Spot Earnings, AG/East
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1997.1 1998.1 1999.1 2000.1 2001.1 2002.1 2003.1 2004.1 2005.1 2006.1 2007.1
$/d
ay
Base Case, July 2003 High Case Low Case
Zero Tolerance for pollution
and accidents
The world community
Preference for quality and performance!
How about payment?
Marketing of superior ships
If you build, manage and maintain a superior ship
operation – how do you get paid for the extra investment?
Marketing Quality Ships
What are the targets for Oil Co. departments?
• Chartering dept - lowest freight costs• Vetting dept - Basic safety• PR dept - Nice values• Oil trading - Lowest CIF price
• Top management - Long term growth- Shareholder value- Image of Oil Co.- Bonus- social status
Potential ADDITIONAL earnings from:
• Basic earning capacity 16.000/d• Oil Co. Departments:• Chartering/Trading (cargo) 5.000/d• Vetting 0• PR 0• Top management 3.000/d
• Potential earnings/day 24.000/d• Additional earnings/year MUSD 12• Earnings improvement 50%!!!
Is 50% higher earnings per year worth fighting
for???
YES!!!!!!
Efficient marketing towards:
• Chartering Dept• Trading Dept• PR Dept• Vetting DeptBut don’t forget the top boys in the oil
companies for they have the most to loose in accidents!!!
March 29 2001 - Collision Baltic Carrier & Tern
”New ship – No guarantee”
Addressing the value of safety
• What accidents occur?• What are the most common categories
and causes?• What can be done to control risk?• How effective are the measures?• What can be attributed to twin skeg?• What is the cost of accidents?• What is the potential benefit?
Selection and training of competent crews
Crews who can handle tough days!!!
Machinery/systemfailureCollision/Grounding/ContactFire/Explosion
Hull/Equipment
Misc
Tanker casualties …
1993-2002Total 3,360 incidents
49%
13%
10%
25%
Source: LMIS Database
Machinery/SystemfailureCollision/Contact/GroundingFire/Explosion
Hull/Equipment
Misc
… and how these could be prevented or
mitigated
• Integrated bridge control system• Improved manoeuvrability •Bridge Resource Management training
•High coating standard•Preventive maintenance
•Redundant and separate critical systems•Effective Fire extinguishing systems
•Redundant and separate propulsion and steering systems
1993-2002Total 3,360 incidents
Source: LMIS Database
””Oil should always travel Oil should always travel First Class…”First Class…”
……leaving only footprints of redundancyleaving only footprints of redundancy