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INDUSTRY - US NEWS Alaskan Tankers’ teething troubles BP has reported a raft of problems with its new fleet of chartered US oil tankers, including cracked rudders, faulty anchors and now broken bitts. One of the bitts fell off a tanker and as a result, tests found that dozens more on three of the four ships were defective. The mooring bitts have now been replaced, a BP spokesman said. NAT expands US quoted Nordic American Tanker Shipping (NAT) took delivery of the last of the three suezmax vessels last December. The 2003 built suezmax has been renamed Nordic Cosmos. The NAT fleet has increased from three to 12 suezmaxes since the autumn of 2004. All the vessels are of double hull construction. This vessel also increased the company's exposure to the spot market from 10 to 11 vessels, while the 12th vessel is employed on a long term contract. It was later announced that the suezmaxes Nordic Moon and Nordic Cosmos are joining the Stena/Sonangol pool. Herbjorn Hansson, chairman and ceo said that the average spot market rate for suezmax tankers during the last three months of 2006 was $39,727 per day according to the spot assessment of the Imarex Tanker Index, which gives an indication of the level of the spot market. During the 4Q the tanker market was finely tuned with high capacity utilisation. He explained that at the end of 2004, the company had four vessels - one year later - in December 2005 the company had eight vessels, and now at the turn of the year 2006/2007 the company has 12 vessels - all suezmaxes. Eleven of these vessels are trading in the spot market or on spot related terms, and one vessel A mooring bitt broke off the tanker Alaskan Navigator last September as a tug pulled it towards a jetty in Valdez, according to the US Coast Guard, the ship's operator and a Valdez-based oilindustry watchdog group. The ship's operator, Alaska Tanker of Beaverton, Oreg, used X-rays and other tests to find the other defective bitts. Other structural problems have is on long term fixed charter. "We believe that we have effectively managed our growth and have expanded the company's earnings and dividend potential considerably", Hansson said. "It is becoming increasingly clear that single hull tankers are in a precarious position. There are mandatory rules that provide for a phase out of these vessels by the end of 2010 at the latest. Single hull vessels are facing challenges in today's market as customers prioritise double hull vessels. Some major oil companies have a policy to charter double hull tankers only. All our vessels have double hulls", he explained. Going forward, the market will to a large extent depend on the development of the world economy. He said that NAT wishes to continue to build on a predictable, transparent and simple strategic platform, consisting of the following main elements: • Profitable expansion of the fleet. • Operation of a modern, homogeneous fleet. • Distribution of available cash flow to shareholders. • A strong balance sheet. • Ensure exposure to spot market rates which historically have been above timecharter rates. • A low cash break-even of approximately $9,500 per day per ship. • Focus on low general and administrative costs. cursed the fleet of NASSCO-built 193,000 dwt $250 mill doublehull tankers, which started to lift Alaskan North Slope crude oil to US West Coast refineries in the summer of 2004. In spring 2005, cracks were discovered in the rudders of two of the ships - Alaskan Frontier and Alaskan Navigator. And in December, 16-tonne anchors broke off the same two the ships OSG increases orders Overseas Shipholding Group (OSG) has signed an agreement in principle with Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping, to construct up to six additional Veteran Class MT-46 Jones Act Product Tankers (three firm orders, plus three options). Once transferred to another Aker subsidiary, American Shipping Corporation, OSG will bareboat charter the vessels initially for 10 to 15 years. The agreement in principle is subject to, among other conditions, approval by the boards of directors of OSG and Aker American Shipping, preparation and agreement of final documentation and relevant government approvals. OSG also said that a timecharter agreement has been signed between OSG and BP for one more of the 46,000 dwt Jones Act product tankers being built at Aker Philadelphia. Of the original 10-ship order announced in April 2005, the BP charter brings the number of vessels OSG has chartered out to nine. The first ship, the Overseas Houston, was scheduled to be delivered to Shell during the week of February 26, 2007. The nine ships are chartered to Tesoro (four), BP (three) while two have been taken by Shell. OSG said that future Gulf of Mexico tanker shuttle as they transited the Gulf of Alaska in a laden condition. In addition, the anchors of sister ships Alaskan Legend and Alaskan Explorer were inspected and have since been replaced with temporary anchors, with those vessels 'operating under restrictions outlined by the USCG'. Each of the anchors inspected were "showing signs of metal fatigue", the USCG said. opportunities and the Military Sealift Command replacement programme could lead to further orders of Jones Act tonnage. Late last year, OSG strengthened its position with the $455 mill purchase of primarily 'blue water' operator Maritrans. Maritrans has been renamed OSG America, following the transaction. As a result, OSG's US flag fleet now totals 35 operating and newbuild vessels that includes handysize product carriers, a car carrier, drybulk carriers and articulated tug barges. Concurrently with the delivery of the Overseas Houston Aker American Shipping has closed a senior secured credit facility of $770 mill with Fortis as Agent, financing its long term ownership of the first 10 vessels. This facility secures the permanent financing for the first 10 product tankers and provides for an advance of $80 mill per vessel. The facility refinances the $350 mill facility currently in place for the first five product tankers that provided for an advance of $70 mill per vessel. Akasa has also entered into interest rate swaps, which secure the interest rate of the new credit facility. • Meanwhile, US Shipping Partners has ordered nine 49,000 dwt Jones Act products tankers from NASSCO for $1 bill. Deliveries will begin in 2009. There are also options for five more. BP has taken the first one on long term charter. 06 TANKEROperator • March 2007
A more technologically advanced tug was needed in North Puget Sound. Check out Crowley’s Response. “Our Markey tow winch was built just for the Response. In full power mode, it can still winch in a line against a 250-ton resistance. There’s nothing else out there like it.” ~ Ron Rubright • Chief Engineer of the Response To meet the challenges of oil tanker escort and assist work in the rough waters of North Puget Sound, Crowley created a tug like no other. We took the basic technology of our Harbor Class tugs and modified it to create a vessel specially designed for the task at hand: the Response. Its two powerful CAT engines, together with enormous 5-blade Voith Schneider propulsion units, generate up to 155 tons of indirect force at 12 knots. Its huge skeg is forward and the cycloidal units are in back, focusing its immense power where it’s needed most. And its 10" amsteel blue tow line is rated at one million pounds, which is strong enough to keep even the biggest tankers in place. The bottom line? The Response performs the fastest, most efficient assists and escorts on North Puget Sound. There’s one more necessary element: an exceptional crew. Take Ron Rubright. The Response’s chief engineer joined Crowley 26 years ago, so it’s safe to say he knows his way around a Crowley tug. Rubright also participates in extensive training courses on CAT engine technology. Plus, he and the rest of the crew take part in rigorous on-board and shoreside training sessions and safety drills. Need more information about our services in the harbors of Los Angeles/Long Beach, San Diego, Oakland, Tacoma, Seattle, North Puget Sound and Prince William Sound/Valdez, Alaska? Call Crowley Ship Assist & Escort at 800-248-8632. Or visit www.crowley.com. Liner Shipping • Worldwide Logistics • Petroleum & Chemical Transportation • Alaska Fuel Sales & Distribution • Energy Support • Project Management • Ship Assist & Escort • Ship Management • Ocean Towing & Transportation • Salvage & Emergency Response www.crowley.com © Crowley Maritime Corporation, 2006 CROWLEY is a registered trademark of Crowley Maritime Corporation
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Page 16 and 17: INDUSTRY - CYPRUS REPORT Limassol
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Page 41 and 42: TECHNOLOGY - SHIP TO SHIP TRANSFER
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