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INDUSTRY - CHEMICAL/PRODUCTS TANKERS Consolidation the name of the game Is the light at the end of the tunnel getting brighter for the chemical/products trade? During the first three weeks of January, it certainly looked as though the worst was over. During December last year, it was noticed that rates had started to climb again to just about breakeven point from their historic lows seen last year. Last year, MRs were lucky if they could earn a TCE rate of $1,500 per day. By the third week of January 2010, the level had crept up to just under $12,000 per day enough to garner a profit over operating costs, including finance. Writing in its weekly report, London broker EA Gibson explained the situation by saying that for quite some time, gasoline imports to the US were the driving force for MR tankers operating in the Atlantic Basin. Figures produced by the US Energy Information Administration showed that US gasoline imports increased from an annual average of 0.95 million barrels per day (bpd) seen in 2004 to 1.09 mill b/d in 2008, with shipments sometimes exceeding 1.5 mill b/d. However, last year this situation changed dramatically on the back of the global economic turmoil and falling US oil demand. In the first 10 months of 2009, total gasoline imports fell close to the levels seen in 2004, averaging just 0.97 mill b/d, with weakening imports from Europe accounting for most of the decline. Although this drop was not as big as might have been expected, for the tanker trades, lower import requirements coupled with the rapid MR fleet expansion, meant that for most of the second half of 2009 daily earnings for MR tankers on the Rotterdam – New York route (on a round voyage basis) were mostly below $3,000 per day - less than breakeven costs, EA Gibson said. However, when one door closes, another often opens and over the past few years there has been a marked increase in US product exports (mainly from the US Gulf). Combined exports of clean petroleum products (CPP) and residual fuel oil have more than doubled since 2004, increasing from 0.48 mill b/d to 1.28 mill b/d in the first 10 months of 2009. At these levels, the gain in exports had TORM started the recent consolidation round with the 50% purchase of OMI. more than made up for the fall in imports, EA Gibson commented. Since 2004, exports of residual fuel oil rose from 0.21 mill b/d to 0.42 mill b/d, while CPP exports, primarily distillates, jumped from 0.27 mill b/d to 0.85 mill b/d during the same period. Interestingly, an increasing share of US distillate exports was destined for Europe. Distillate exports rose from negligible levels just a few years ago to 0.24 mill b/d between January and October 2009. As a result, the backhaul distillates trade from the US to Europe developed from an unpredictable and small trade just a few years ago into a much more frequent and sizeable business today, EA Gibson remarked. Therefore, although the fronthaul gasoline trade to the US still remains the key trade for the transatlantic MR market, growing US product exports should not be ignored as they represent opportunities and higher earnings potential. Thus, the round voyage economics of the TC2 gasoline market to the US no longer necessarily reflects the true MR Atlantic earnings, as MR owners are often able to secure backhaul cargoes from the US, EA Gibson concluded. Consolidation Today, we are also seeing consolidation in the product tanker industry with mergers and cooperative ventures becoming the norm. Pools are proving attractive and are expanding, both in terms of numbers of vessels entered and in terms of the number of members. Continuing TAKEROperator’s Danish theme this month, Maersk has consolidated much of Broström with the latter’s smaller units remaining in Gothenburg and the larger vessels joining Maersk Tankers’ Handytanker pool and coming under the management of the Copenhagen office. Following on from TORM’s part purchase of OMI and Maersk Tankers’ takeover of Broström, comes news of a Nordic Tankers/Clipper tie up. In the smaller tanker market, Clipper has also been active in recent years in growing its fleet helped by the purchase of Crescent Shipping, including Bowker & King, Copenhagen Tankers, Panamerican Tankers and Wonsild. In addition, Van-Clipper was established in 28 TANKEROperator January/February 2010
INDUSTRY - CHEMICAL/PRODUCTS TANKERS 2004 in a joint venture with Vanship, which brought in four VLCCs. A year later, all the tanker activity was consolidated under Clipper Wonsild Tankers, which was renamed Clipper Tankers in 2008. Apart from tankers, Clipper’s interests also include drybulk, multipurpose/project/heavy-lift, cruise vessels and ferries. The company owns a shareholding in DFDS, Mols-Linien and Eitzen Chemical, which is itself in merger talks with Berlian Laju Tankers through its parent. The company also has an in-house shipmanagement operation – Clipper Marine Services - which as well as looking after the company’s technical needs, is marketed to third party concerns. As for the Nordic Tankers/Clipper situation, the agreement for Nordic Tankers' to acquire of parts of the chemical tanker operations of the Clipper Group was completed in January. According to the agreement, Clipper Group and Clipper Tankships will convert their ownership interests in five shipowning companies into a 31% ownership interest in Nordic Tankers. Moreover, the minority owners in the five shipowning companies will convert their ownership interests into a 12% ownership interest in Nordic Tankers. The Nordic Tankers’ supervisory board thus exercised its authority under the articles of association adopted at the extraordinary general meeting held on 17th December, 2009 to issue a total of 5,408,296 new shares nominally priced at DKK10. The total share capital of Nordic Tankers will subsequently amount to DKK125,882,960. As a result of the transaction, the executive board of Nordic Tankers now consists of CEO Tommy Thomsen and CFO Christian Hassel. Thomsen, a former partner of AP Møller- Product tanker rates are just beginning to show a profit. Broström’s smaller tankers will continue to be run from Gothenburg. Mærsk, has been CEO of Clipper Tankers since January 2008, while Hassel, former CEO of Carnegie Investment Banking Denmark, has been executive advisor to the Clipper Group since April 2009. The remaining senior management team includes senior vice presidents Jens Pontoppidan and Claus Thornberg. As for the Nordic Tankers fleet, this now consists of 15 owned vessels - six product tankers of between 35,000 and 73,000 dwt and nine chemical tankers of between 5,000 and 13,000 dwt. In addition, Nordic Tankers will be responsible for the operation of Clipper's 55 remaining chemical and product tankers, ranging from about 2,500 dwt to 20,000 dwt. At the end of October last year, Clipper Tankers had three newbuildings from 14,000 dwt to 20,000 dwt on order and was due to take delivery of a further eight timechartered vessels with purchase options through 2010. Nordic Tankers' product tankers will continue to be marketed through TORM's LR1 pool and Maersk's Handytanker pool. By having interests in chemical, products and crude carriers, Clipper said that one sector should keep the other afloat during hard times. For example, all the VLCCs are long term chartered and the smaller vessels lift chemicals and petroleum products for the oil majors and other distributors. Performance monitoring On of the world’s leading independent tanker companys is Maersk Tankers, which as well as large crude carriers, gas carriers and FPSOs has around 65 product tankers. To monitor the performance of different ship types, including containerships and tankers, the AP Moller- Maersk group formed Maersk Maritime Technology (MMT) a couple of years ago. This consultancy is engaged in projects aimed at optimising the fuel consumption and emissions from some 25 different vessel classes in the group. The optimum trim and speed of each vessel is being calculated by testing the vessel in seagoing conditions. MMT’s Jakob Buus Petersen explained the tankers and other types were going through a performance monitoring exercise, where the reports can instill on board competition between ships to come top of the performance league. Petersen explained that the scheme had also been extended to chartered tonnage. Oslo-based class society Det Norske Veritas has a strong presence in Copenhagen and counts TORM, NORDEN, Lauritzen Tankers, January/February 2010 TANKEROperator 29
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