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The recent 2022 Maritime Standard Tankers Conference found broad consensus that the outlook for the tanker shipping industry is as positive as it has been in years.
The high-level speakers convened by TMS agreed that the fundamentals of the tanker market have improved significantly, which, combined with geopolitical events, is driving a significant and sustained increase in freight rates that appears set to continue.
Ton-mile demand continues to grow due to the dislocation of Russian oil shipments, even as overall demand declines and tanker newbuilding levels are at an all-time low.
packager
The TMS Tankers Conference 2022, held at Atlantis The Palm, Dubai on 16 November, featured rich expert presentations and lively panel discussions on the theme ‘Reshaping the Market – Tanker Shipping Post-Pandemic’ . Indeed, despite the general optimism, speakers agreed that many challenges remain as tanker shipping attempts to recover from the pandemic, which has had an indelible impact on economies and societies around the world and will shape all The future of the shipping industry, including tankers, is here to stay for some time.
Opening the conference, TMS editor Clive Woodbridge said: “While tanker owners and operators are seeing some good times again, the market is far more uncertain and volatile than everyone would like. Unpredictability Makes everyone nervous. Still, despite everything the world has been through the past few years, the outlook for tanker shipping is very positive and this meeting is timely as it provides an opportunity to discuss and help develop strategies to capitalize on these Positive trends and sustainable development restore stability and profitability – as well as reduce impact on environmental concerns.”
Capt Abdulkareem Al Masabi, Chief Executive Officer of Adnoc Logistics and Services, delivered a keynote address, kicking off the opening session on ‘Recalibrating Tanker Traffic Post-Pandemic’. Other speakers in the key session that set the tone for the day-long conference included Dr Ibrahim Al Nadhairi, CEO, Asyad Shipping & Drydock Services; Essam Khoori, Executive Director, DP World; Lloyd’s Register Global Tankers Nikos Michas, Director; Navin Kumar, Director Maritime Research, Drewry Shipping Consultants; Friedrich Portner, Chief Commercial Officer, Maritime Cluster, AD Ports Group. Key themes highlighted include the likely sustainability of ton-mile demand growth; newbuilding constraints; the need for infrastructure investment to support the transition to alternative fuels; the impact of slow sailing as an industry strategy; and the impact of IMO environmental regulations.
environmental challenge
Session 2, moderated by Stephenson Harwood Partner Nijoe Joseph, looked at how tanker shipping can address environmental challenges. Pawan Sahni, Business Development Director, DNV, presented a lively and extensive conference paper; Simon Bonnet, Chief Maritime Officer, IRI/Marshall Islands Registry; Anders Ostergaard, CEO, Monjasa Group; Chris Peters, CEO, Samsung Marine Logistics; Infrastructure) and Rajiv Agarwal, Managing Director, Essar Ports; Franck Kayser, COO, ASYAD Shipping Company. They were joined as a panelist by Amir Mosadeghi, CEO of the Islamic P&I Club. A key conclusion of the team is that there is no ‘one size fits all’ alternative fuel option and there may be wide variation depending on vessel type and size and trade routes.
The final session kept attendees in their seats till the end with a wide-ranging session covering support services and how they can help shape the future of tanker shipping. Moderated by Ali Shehab, Global Director, Special Projects and Services, DNV, the panel included Meera Kumar, President and CEO, Diablo Global; Katherine Yakunchenkova, General Manager, Al Safina Security; Jamil Al Ali, Head of Middle East and Business Development, Bureau Veritas; Fast Freight DMCC CEO Vishavdeep Gautam and Seamaster Maritime director Ramee Rashid.
Woodbridge concluded: “It was a really exciting and thought-provoking session with a very positive assessment of the market. The next 12 months will certainly be interesting for tanker shipping, with many twists and turns, but at the moment the picture seems very positive. Any significant deterioration is unlikely.” — trade arab news agency
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