INTERTANKO. IMPA Congress Johan Gahnstrom. Leading the way; Making a difference

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1 INTERTANKO IMPA Congress 2018 Johan Gahnstrom

2 Content Who and what is INTERTANKO Tanker Market update OCIMF / INTERTANKO safety initiative INTERTANKO, Nautical Sub-Committee, Current work

3 INTERTANKO 2018 Members Lead continuous improvement of tanker industry s performance Strive to achieve the goals of: ZERO fatalities ZERO pollution ZERO detentions Deliver highest quality services to meet stakeholders expectations Promote availability and use of personnel with best marine skills and competencies

4 2018 Member Fleet Vessel Type by number of tankers LNG 6% LPG 10% Chem 6% Crude 35% Product 13% Chem/Oil 29% Gas tonnage from 7 mio dwt in 2015 to 30 mio Jan gas carriers registered by 43 Members 7 pure gas fleet Members

5 Members working for Members

6 Cooperation with Industry partners Tripartite Meetings with Class & Yards, Seoul, Rep. Korea Tanker Safety Initiative with OCIMF & others Round Table of Shipping Associations coordination IMPA and INTERTANKO have an MoU Greenhouse Gas Emissions Marpol Annex VI Ballast Water Management Piracy Fair Treatment & Criminalisation Reception Facilities Places of Refuge Corruption (& PSC)

7 Main Focus Areas Safety Seafarers Environment Operations Tanker design/ construction Fair treatment - Criminalization Emissions to water Vetting & Risk Assessment - Enforcement of CSR - Shore access/visas - Reception facilities - Classification standards - Medical treatment & waste minimization Port state control COMPETENCY MANAGEMENT - Hull fouling man t Machinery/ equipment Crew competence Ports - Lifesaving appliancesballast - Training requ mnts WATER Emissions to MANAGEMENT air - Ports & Terminals - Classification standards (ECDIS, BWM) - SOX, NOX, VOC - Offshore Ops GREENHOUSE Fuel GAS Annex EMISSIONS VI Training - Greenhouse gas Maritime Security - Quality Standards (TOTS) emissions - Piracy - Sampling - Officer matrix - Energy efficiency - Sanctions - Switching operations - Monitoring, - LNG, Biofuels Safe navigation Seafarer welfare Reporting & - Alternate fuels - ECDIS - Accomm n. space Verification (MRV) - Pilotage - Cadet berths - Fatigue/rest hours Ship Recycling - enavigation Cargo - Properties - Safe tank entry - Gas detection - Inert gas - Biofuels VETTING FUEL OIL QUALITY & AVAILABILITY EPA VGP - Recordkeeping - Monitoring Chemical tanker ops Gas tanker ops Refugees Commercial Sustainability Payment performance Charter party terms & Documentation Worldscale Insurance - Compensation - Liability limits - Reinsurance Anti-corruption

8 Guidance and Research

9 INTERTANKO s Market Outlook 2018 April 2018

10 $ / Day Market Outlook Average Indicative Tanker Freight Rates VLCC 270 AG/CHN (TD3C) Suezmax 130 WAFR/CONT (TD20) Aframax 80 NSEA/CONT (TD7) LR1 55 MEG/JPN (TC5) MR 38 USG/CONT (TC14) Boom Years Supercharged growth of the World economy 2.China Trade & Oil import needs took off 3.Healthy number of vessels in the water Year Global Recession Activity picks up Drop of Oil price ( < 27 $ / bbl : 11 year low) 2.Limited tanker ordering during the recession years 3.Seaborne crude oil trade growth (refining, reserves) Leading the way; making a difference

11 $ / Day $ / Day $ / Day $ / Day Earnings vs Operating Costs 2018 VLCC Middle East Gulf - Asia TD3C - Middle East Gulf - China - 270, OPEX Crude oil Tankers 2017 VLCC Middle East - Asia TD3 - Middle East - Japan - 265, OPEX Suezmax West Africa - Continent Suezmax West Africa - Continent TD20 - West Africa - Cont 130, OPEX TD20 - West Africa - Cont 130, OPEX Note: OPEX figures are as per Moore Stephens OpCost report for 2017

12 $ / Day $ / Day $ / Day $ / Day Earnings vs Operating Costs Aframax North Sea - Continent Crude Tankers Aframax North Sea - Continent TD7 - N Sea to Cont - 80,000 LR 1 Middle East - Japan 2017 OPEX TC5 - Middle East to Japan CPP/UNLL naptha Condensate - 55, OPEX Product Tankers TD7 - N Sea to Cont - 80,000 LR 1 Middle East - Japan 2017 OPEX TC5 - Middle East to Japan CPP/UNLL naptha Condensate - 55, OPEX Note: OPEX figures are as per Moore Stephens OpCost report for 2017

13 $ / Day $ / Day Earnings vs Operating Costs MR US Gulf - Continent Product Tankers MR US Gulf - Continent TC14 - US Gulf to Continent (CPP, UNL, diesel) - 38, OPEX TC14 - US Gulf to Continent (CPP, UNL, diesel) - 38, OPEX What s the verdict? Rates for all tanker sizes are low across the board, not even covering daily operating costs, let alone making a contribution to capital costs. Unwitnessed overall low since the post Asian crisis low of Significant gap in earnings from 2017 where owners achieved some contribution to their capital costs, to 2018 where these contributions are minimal if existing and not across all segments. Note: OPEX figures are as per Moore Stephens OpCost report for 2017 Leading the way; making a difference

14 Deliveries & Demolitions Tanker Deliveries of Ships Size Segments Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 VLCC Suezmax Aframax/LR Panamax/LR MR MR TOTAL Tanker Deletions, Demolition, Loss and Conversion of Ships Size Segments Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 VLCC Suezmax Aframax/LR Panamax/LR MR MR TOTAL Despite the current low freight market, tanker newbuilding orders have noted an impressive increase. Demolition activity has started to pick up again with a lot of VLCCs and LR2s being sold for scrap. Note: Above Deliveries & Demolitions numbers coming from BRS Weekly Report Leading the way; making a difference

15 OCIMF / INTERTANKO Safety Initiative

16 Formation of work Steering Group OCIMF / INTERTANKO /CDI/SIGTTO CAV WG Competence Assessment and Verification LLAST WG Learning Lessons from Accidents and Trends Leading the way; making a difference

17 LEARNING FROM INCIDENTS Develop broad based database of accidents that can be used to identify trends Database would be anonymous and not used for vetting All OCIMF and INTERTANKO members will share process by which they incorporate lessons learned within their company Leading the way; making a difference

18 LEARNING FROM INCIDENTS Database Anonymous data Used to identify trends Can then target those specific areas Could see the formation of a joint experts group to develop the lessons learnt Avoids the single unique accident driving the creation of technical regulations Leading the way; making a difference

19 Formation of work Steering Group OCIMF / INTERTANKO /CDI/SIGTTO CAV WG Competence Assessment and Verification LLAST WG Learning Lessons from Accidents and Trends Leading the way; making a difference

20 Competence Assessment and Verification Vetting and work on technical skills have taken us far, and reduced accidents. But still, accidents happen. This guidance will be on how the soft skills of officers will be assessed through the observation of hard technical skills using Behavioural indicators Leading the way; making a difference

21 Behavioral Indicators Collaboration Communication & Influencing Situation Awareness Results focus Decision making Leadership & Managerial skills

22 INTERTANKO Nautical Sub-Committee Current work

23 ECDIS and Navigation guidelines Zone of Confidence (ZOC) - ZOC and Passage Planning Under Keel Clearance (UKC) Area Settings Position Verification in ECDIS/Chart radars Depth Contours In ENCs in Relation to Safety Contour and Safety Depth Function Temporary And Preliminary Notices to mariners Air Draft guidline

24 Services (onboard) bridge engine Ashore E-Navigation Onboard Shorebased stakeholder etc like terminals, VTS, Coast Guard... Standardise d description of Data to be transfered (IHO S-100 Series?) Ways of communicatio n Ship-shore (Needs a standardised approach) Services (to/from shore) Standardised description of Data to be transfered (i.e IHO S-100 Series Others may exist) Ways of communication onboard (Needs a standardised approach. NMEA to slow, not open, not secure) One way of looking at E-Nav. However, many different views exist. E-Nav will [probably] add to the complexity of ECDIS and navigation. Harmonized display ECDIS and INS S-MODE

25 Mooring IMO Correspondence Group on Mooring MEG 4 (Mooring Equipment Guidelines)

26 Anchoring New guidlines to be developed in light of incidents and accidents reported by members There is both an operational and a technical aspects. Aim is to: Produce a guideline To promote new design guidelines for Anchor windlassess and work with IACS on UR s

27 Navigation Audits There is increased focus on navigation audits OCIMF / TMSA further say that you should have comprehensive navigational audit not exceeding two years for all ships Develop guidelines and how to ensure the competence of contractors as suitably qualified and experience Possibly develop a benchmarking tool

28 Discussed and: Autonomous ships Seen as a way to achieve better decision support systems on-board. Not seen as a way to unmanned ships, at least not in the foreseeable future Requires: Collaboration between ship and shore. I.E. a working and implemented E-navigation strategy on a world wide basis

29 Thank you Capt. Johan Gahnström +44 (788) CompetenSea Port of Gotheburg, Sweden: Photo: Johan Gahnström More information? INTERTANKO web page: Leading the way; making a difference