At a shipping efficiency seminar in Singapore, shipowners said they were actively seeking ways to mitigate rising bunker fuel costs and guard against the likelihood of stricter environmental legislation of the industry.
“Three-quarters of the cost of running a tanker is going towards bunker fuel, so of course we take it seriously,” said a senior executive at a large southeast Asian tanker owner, who did not wish to be named.
He said his company had a Samsung Heavy Industries-designed very large crude carrier on charter that was already saving 20% in bunker costs over similar-sized vessels in its fleet.
He also said the company had ordered a suezmax-size tanker from Daewoo Shipbuilding & Marine Engineering that would save at least 10% in fuel efficiency costs for only a 1% cost premium over traditional designs.
“It’s not true to say the Korean shipyards are ignoring the desire for more efficient vessels,” he said. “It’s slow, but it is happening.”
A Singapore-based chemical tanker owner said excess shipbuilding capacity would help the process.
“The last few years, we had to fight for shipyard space — but from here on, the yards will be hungry and they will be more open to more efficient ship designs.”