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Market Reports (Tanker Market Report continued from page 22) ducers continued into the third quarter of the year to produce oil as if the Asian crisis did not exist, resulting in huge build-ups of oil inventories. In the last four months production cutbacks and a larger number of newbuildings depressed freight rates significantly. Single voyage freight rates for a ULCC did actually experience a minor increase from 1997 to 1998 reaching $30,000/day. While old VLCCs main- tained their 24,000 level, modern ones saw a decline of $3,000 down to $33,000/day in 1998. Freight rates for modern Suezmaxes were down $3,000/day to a level of $22,000, mod- ern Aframaxes were more seriously hurt with tc-results falling by more than $6,000/day down to an average of $16,000 in 1998. Large clean carriers last year obtained $17,000/day, which was $2,000 below the year before. Modern MR types fell from $13,000/day to $11,000/day. Tankers Sold For Scrapping, by Size (Mill. DWT) Year 10- 70- 120- 200,000+ Total 69,999 119,999 199,999 89 0.5 0.6 0.3 0.3 1.7 90 0.4 0.5 0.2 0.0 1.1 91 0.3 0.9 0.8 0.5 2.7 92 1.4 2.5 1.4 5.1 10.4 93 0.6 2.7 1.4 6.0 10.7 94 0.6 1.3 1.3 8.6 11.8 95 0.9 0.5 1.4 7.8 10.6 96 1.0 0.6 1.1 4.1 6.8 97 0.3 0.7 0.4 2.0 3.4 98 0.5 0.7 1.6 4.2 7.0 source: The Platou Report Tanker Fleet (Mill. DWT) Existing Lay/up Tankers Comb. Oil Fleet fleet &storage opeating in oil operating 89 233.9 12.3 221.6 11.7 233.3 90 240.5 11.4 229.1 10.4 239.5 91 247.4 10.2 237.2 12.9 250.1 92 255.4 11.5 243.9 11.8 255.7 93 261.8 15.8 246.0 10.1 256.1 94 266.9 15.0 251.9 10.8 262.7 95 265.0 13.1 251.9 11.4 263.3 96 263.2 11.2 252.0 8.4 260.4 97 267.2 12.3 254.9 11.3 266.2 98 268.7 12.3 256.4 12.1 268.5 99 273.6 9.4 264.2 12.3 276.5 source: The Platou Report An interesting feature is the reduced tc-result difference between old and modern tanker tonnage, caused by the dramatic drop in bunker prices. Seaborne Oil Trade After two consecutive years of four to five percent annual growth in seaborne oil trade, R.S. Platou said that a preliminary estimate, based on export data, indicates an increase in 1998 of only one percent. Exports from the Middle East rose by four percent, Age Profile For Tankers (Mill. DWT - Jan. 1, 1999) Year built -78 79-83 84-88 89-93 94-98 Total 10-69,999 15.2 13.7 9.3 6.6 9.8 54.6 70-119,999 12.3 8.4 8.2 11.9 11.5 52.3 120-199,999 17.0 2.9 2.1 12.0 7.5 41.5 200,000+ 56.9 6.3 7.5 29.7 24.8 125.2 Total 101.4 31.3 27.1 60.2 53.6 273.6 source: The Platou Report HRP is the worldwide supplier of 360° steerable thruster systems and tunnel thrusters up to 2000 kW. The Azimuth Thruster Systems are available in well mounted, retractable and deck mounted versions and suitable for each drive mode. All HRP Thruster Systems have one thing in common: they are strong, reliable and meet all classification society standards. The systems are built according to the proven excellent Dutch craftmanship of HRP. THRUSTER SYSTEMS Holland Roerpropeller BV • P.O. Box 2020 • 2930 AA Krimpen a/d Lek. Tel. +31 (0)180 519 988 • Fax +31 (0)180 519 256 • www.hrp.nl June, 1999 Circle 183 on Reader Service Card Circle 160 on Reader Service Card 29 IUTCH CRfi N THRUST Starts Working Before You Know You Need It! A single compact design which monitors all shipboard generator functions and can, when needed, start up the standby unit and place it on-line while dropping the unit experiencing problems off-line and shutting it down all in 7 seconds. It alerts the duty engineer who, by that time, is acknowledging the alarm that alerted him. He can then proceed to check what is now his off-line generator without a flashlight. • ABS and USCG approved. • Data buss control. • Full-remote capability. • Milspec self-diagnostics. • Battery back-up. • Full-logging capability. • Full-trend analysis. Call today for more information! ELECTRONIC MARINE SYSTEMS, INC. 800 Femdale Place Rahway, NJ 07065 732.382.4344 732.388.5111 fax emsmarcon@aol.com e-mail http://www.emsmarcon.com