Tanker owners fight back on low charter rates

Tanker owners have launched an initiative to improve charter rates, which they say have fallen to levels which are consistently below basic operating costs

Intertanko, the London-based association representing independent tanker owners, is calling for a dialogue between owners and oil companies to ensure the sustainability of the tanker business and the global energy supply chain. "High-quality owners are going to the wall," says Katharina Stanzel, Intertanko's managing director, after four years of unfavourable trading conditions. As well as low rates - which reflect the world surplus of tanker capacity - Stanzel says owners are being hurt by late payments and by "the erosion of charter-party terms". Although tanker owners are supposed to be paid on completion of the cargo's discharge, Intertanko's members reported payment delays typically of