The Philippine tanker industry continues to show healthy volume and revenue growth, thanks to high demand for oil products.

“The local tanker industry has no problem as most of us have been chartered long-term by the different oil players; no (charter) cancellation has also been recorded so far,” Philippine Petroleum Sea Transport Association (Philpesta) executive director Ernesto Paguyo told PortCalls.

“The volume of oil is rising modestly due to rising local demand despite the higher price in the world market,” he explained.

“In terms of fleet, there has been no significant expansion or additional bottoms aside from the time-to-time replacement of older vessels.”

Paguyo added rates have also remained steady.

Tanker operators carrying black oil have completed their refleeting, making almost all players compliant with the government’s double-hull requirement.

On the other hand, operators of tankers carrying white oil (derivatives of crude oil which have been extremely highly refined to give a colorless and odorless product) are still in the process of converting or replacing their vessels to double-hull, with the policy set to be imposed at the start of next year.

The Big Boat Of Oil Tanker by cbenjasuwan
Free image courtesy of FreeDigitalPhotos.net

You May Also Like

CMA CGM to carve bigger logistics presence by buying a stake in Ceva

French shipping giant CMA CGM announced it has reached an agreement to acquire an equity stake of nearly 25% in logistic company Ceva Logistics…

Hapag-Lloyd delivers higher earnings in the first half

German box carrier Hapag-Lloyd reported a significantly better operating result in the first half of 2017, supported by freight rate recovery as well as…

ICTSI’s Puerto Aguadulce services largest box ship to call in Colombia

Port operator Sociedad Puerto Industrial de Aguadulce (SPIA) has set a new operational milestone at the Port of Buenaventura in Colombia after servicing the…

PPA escalates PH outport upgrades, reviews Davao-Sasa project

The Philippine Ports Authority (PPA) will continue to modernize ports, especially those in southern Philippines, to heighten their capability to handle cargoes coming from…