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The Petroleum Shipping Industry- Operations and Practices- Vol I PDF

328 Pages·1996·9.74 MB·English
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Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page i VOLUME I AN ontechnical Overview Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page ii Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page iii VOLUME I AN ontechnical Overview Michael D. Tusiani Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page vi copyright.qxd 2/19/09 9:30 AM Page 1 Disclaimer The recommendations, advice, descriptions, and the methods in this book are presented solely for educational purposes. The author and publisher assume no liability whatsoever for any loss or damage that results from the use of any of the material in this book. Use of the material in this book is solely at the risk of the user. Copyright© 1996 by PennW ell Corporation 1421 South Sheridan Road Tulsa, Oklahoma 74112-6600 USA 800.752.9764 +l.918.83l.9421 [email protected] www.pennwellbooks.com www.pennwell.com Director: Mary McGee Managing Editor: Marla Patterson Production/Operations Manager: Traci Huntsman Library of Congress Cataloging-in-Publication Data Tusiani, Michael D. The Petroleum Shipping Industry, Volume I: A Nontechnical Overview / by Michael D. Tusiani ISBN-lO: 0-87814-671-7 ISBN-13: 978-0-87814-671-0 All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transcribed in any form or by any means, electronic or mechanical, including photocopying and recording, without the prior written permission of the publisher. 34567 13 12 11 10 09 Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page v Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page vii ACKNOWLEDGMENTS xi l. OIL: AN INTRODUCTION TO SHIPPING 1 1973 oil crisis and the war on oil 3 Renewable energy sources 3 Nonrenewable energy sources 8 Government energy policies 12 Energy conservation 13 Developing technologies 18 Unconventional sources of oil 18 Severing the link between economic activity and energy 19 The verdict 23 2. WHY TANKER OWNERS? 25 Advantages of chartering 26 Long-term rate setting mechanism 31 Short -term rate setting mechanism 33 Worldscale rates 37 3. PRE-ONASSIS ERA 41 Early history of oil and tankers 41 Paving the way for shipping fortunes 50 4. ONASSIS ERA 55 Siting of oil refineries 55 Growth of an energy-intensive economy 57 The dethroning of "King Coal" 58 The United States becomes energy dependent 59 Economy of scale 62 Crude carrier size classes 64 Fortuitous closing of the Suez Canal 68 The invention of the VLCC 72 Climax of an era 74 vii Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page viii 5. POST-ONASSIS ERA (CREATING THE SURPLUS) 83 Aftermath of the crisis 87 Loss of large crude carrier demand in North America and Europe 93 Loss of large crude carrier demand in Europe 99 Gain of large crude carrier demand in the Far East 112 6. POST-ONASSIS ERA (DEALING WITH THE SURPLUS) 117 Scrapping 117 Structural shifts in large crude carrier ownership between the 1970s and 1990s 124 Organizational structure of tanker-owning companies 134 Strategic alliances 136 7. REFINERY OPERATION AND TANKER DEMAND 139 White products l40 Black products l41 Refiner's margin 142 Refinery operations determines tanker demand 143 Product carrier employment l49 8. TANKER DESIGN AND EMPLOYMENT PATTERNS 163 Tank cleaning 165 Tank coating 167 Product carrier rates and employment patterns 168 Aframax and Suezmax tankers 173 VLCCs 181 9. FORECASTING TANKER RATES 193 Necessity to forecast 194 The logical approach to freight rate forecasting 196 Product carrier demand forecast 197 Elements of a VLCC supply-demand forecast 198 Naive, predestined, and chaotic approaches 212 vIIi Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page ix 10. OIL POLLUTION LIABILITY 219 International conventions 220 Civil liability convention 222 Fund convention 223 TOVALOP and CRISTAL 224 Oil spill claims 225 Oil Pollution Act of 1990 229 Manning standards for foreign flag tankers 241 Double-hull vs. mid-deck design 242 Environmentalists 245 Oil spill prevention is better than cure 247 OPRC convention 248 11. LPG CARRIERS 253 Liquefied petroleum gas 253 Snapshot of the U. S. LPG market 255 Snapshot of the Japanese LPG market 261 World LPG demand 263 Impact of liquefied gas pricing on demand 265 Forecasting seaborne demand 268 LPG shipping costs 269 Netback values affect trading patterns 271 International LPG trading pattern 272 LPG carriers 273 12. LNG CARRIERS 287 Nature of LNG projects 294 Volume II - A Look At Practices And Operations 299 INDEX 303 ix Petroleum Shipping Text.qxd 2/13/09 12:54 PM Page x

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