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

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