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sector for many years. It demonstrates that U.S. builders have the capability to compete for prod- uct tanker construction, and shows they have targeted this market for penetration. IMA estimates that 30 percent of the current world inventory of product tankers will reach replacement age over the next five years. This is based on a probability analysis using survival curves, in which IMA assesses the probability that a ship will be scrapped within five years as it reaches certain age categories. For example, IMA projects that 255 tankers between 20,000 and 50,000 dwt currently in service will be scrapped or lost over the next five years. In addition, the total number of product tank- ers will need to grow in order to accommodate the projected growth in refined product trade. Re- cent forecasts call for oil consumption worldwide to increase about 20 percent over the next 10 years. Of particular significance will be the growing reliance of the U.S. on imported refined products. Continued growth in oil demand in the U.S., combined with limits on domestic refining capability, will create growing dependence on imported products. According to the Depart- ment of Energy, refined product imports as a percentage of total U.S. petroleum imports will increase from 12 percent in 1993 to between 22 and 33 percent in 2010. This increase in refined product imports will dramatically impact re- quirements for product tankers to service the U.S. trade. IMA's recent study, Shipbuilding Industry Outlook, provides a series of high/low projections for both replacement and additional requirements for product tankers. IMA's analy- sis indicates that this is a very significant market that is only now beginning to take off. IMA believes that construction of product tankers will provide an excellent business base for a number of companies over the next five to 10 years. Shipyards and suppliers positioned in this mar- ket will be competing in a buoyant, vibrant business sector with a lot of potential. Product tanker construction is one of 20 mar- ket segments analyzed in IMA's new study,Ship- building Industry Outlook, published April 1995, and available for $875. For more information contact: IMA Associates, Inc., 600 New Hamp- shire Ave., NW, Suite 140, Washington, D.C. 20037 USA; tel: (202) 333-8501; tel: (202) 333- 8504. NNS Signs New Deal To Build Product Tankers Newport News Shipbuilding (NNS) signed a letter of intent with American Marine Tankships to build two 46,000-ton Double Eagle product tankers, with an option for up to four more. "This agreement...combined with the first contract with Eletson demonstrates our company's resolve and our ability to compete in the world market for commercial ship construction," said Ed Waryas, director, commercial marketing. American Marine Tankships is jointly owned by American Automar of Bethesda, Md. and Marine Transport Lines (MTL), of Weehawken, N.J. "The initial ships in the series will be pure product carriers, but will be marketed in close coordination with MTL's existing chemical and specialty service," said MTL's CEO Richard T. du Moulin. "American MarineTankships has the option to have later ships in the series constructed to a specialty or chemical configuration." J. William Charrier, CEO of American Automar, said the joint venture is a realization of a long-standing strategic objective of both companies. "This initiative will leverage our complementary market, operating and financial capabilities," he said. "These new Double Eagles will be the first product tankers built for the domestic market in overa decade and the first U.S.-flagged new construction ships to meet the double-hull requirement of the Oil Pollution Act of 1990. 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