The scrapping of tanker vessels will gain pace over the next two years as a result of persistent weakness in freight rates as well as the coming into force of the IMO regulation on ballast water, according to global shipping consultancy Drewry.
It has been a rollercoaster few months for tanker markets with a two-year long boom tailing off over the summer, but some interesting new factors are coming into play over the medium term.
The combined cost of special surveys along with ballast water treatment system (BWTS) could a significant number of older vessels being sent to the scrapyard according to Maritime Strategies International (MSI).
Optimarin claims that US Coast Guard (USCG) type approval for its Ballast Water Treatment System (BWTS) is “imminent”.
It might seem daft to even suggest it, but the day could be approaching when every ship will have to employ, as an important member of her crew, a “Compliance Officer”. Every year brings with it a shoal of new regulations, many of which will not be simple to implement, but will be subject to interpretation, or, in the weasel words of the regulator - “to the satisfaction of the administration”.
Despite uncertainties over Ballast Water Treatment Systems (BWTS) permanent type approval in the US Wärtsilä is confident both its system will get approval in 2017.
Business opportunities are looking up for ballast water treatment systems (BWTS) manufacturers on news of the ratification of IMO’s Ballast Water Management (BWM) convention, and demand will start picking up albeit at a cautious pace.
In one of the longest running sagas in shipping regulation the IMO’s Ballast Water Management (BWM) has finally met its ratification criteria, meaning it will come into force in 2017.
The Ballast Water Management (BWM) Convention is likely to adopted 8 September, entering into force 12 months later, as Finland ratifies the regulation, delegates at the ICS Shipping Conference were told on Wednesday.