Intertanko, the global tanker association, has painted a grim picture of the industry and a warning about the sector's future.
Surely the outlook cannot be that bad?
Unfortunately it is, according to the influential group. "The tanker market has yet again fallen back and … is again at rock bottom," it said on its website. "At the same time, the scrapping of tankers is very slow and we have only seen two tankers reported sold for demolition in September. The total figure for the year is 108 tankers totalling 8.9 million tonnes.
"Only a handful of tankers have also been sold for conversion this year," Intertanko added in its downbeat assessment of the industry.
What have been the main reasons for the slump?
A key problem has been the global economic slowdown. "The low freight market naturally impacts investments in tankers, both new-building and second-hand," said Intertanko. "According to Clarksons [an international ship brokers], second-hand tanker prices are steady and the few sales give little indication of actual price levels. Ordering activity is even lower than second-hand tanker sales activity. The order-book this year [for new tankers] is set to be about the same level as last year, which was the lowest since 1995 in [tonnage] terms."
Companies in the industry must be suffering?
Yes is the simple answer. One of the biggest tanker owners is China Shipping and the company is waiting for the industry to emerge from this downturn before buying new vessels."[The] China Shipping president Xu Lirong said that the company plans to build 10 VLCCs [very large crude carriers], and may order 10 more if the market conditions are right," reported Intertanko. "He did not say, though, when the orders would be placed. We trust that China Shipping will understand that second-hand acquisitions will be a better option than new-buildings when looking at the forward market prospects."
Is there any good news on the horizon?
Not even a speck. "It is hard to see any upside in the tanker market at the moment," warned Intertanko. "Economic growth is, at best, seen to be moderate, even with extra money being poured into the economy both in the [United States] and China. Oil consumption is still increasing but the consumption increase in China is lower than it was. And the increases in oil producing areas such as the Middle East does not do much good to the tanker market."
dblack@thenational.ae
Results
Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.
Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.
Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.
Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.
Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.
Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.
Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.
Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.
Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.
Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
COMPANY%20PROFILE
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Company%20Profile
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE%20
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.