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Asian shipowners maintain heightened security levels


Asian tanker and LNG shipping companies remain cautious on Middle East transits after last week’s tanker attacks, and have stepped up safety measures including tighter security of seaborne vessels and full-speed navigation in the Gulf of Oman, the companies said Monday.
 
Last week’s attacks on one oil product and one chemical tanker had resulted in several owners of clean and dirty vessels holding back spot charters for Middle Eastern cargoes on Friday, which triggered war risk premiums for vessels willing to undertake the voyage, and pushed up freight rates for immediate fixtures.
“Tanker owners and charterers alike are observing the situation before they commit to more cargoes and ships in the region,” tankers analyst Erik Broekhuizen of shipping brokerage Poten & Partners said in a report.
 
“The longer-term implications for the tanker market are dependent on what happens next,” Broekhuizen said, adding that geopolitical tensions have already risen to a very high level and further attacks or proven involvement of state actors could result in a significant escalation of the conflict.
 
Broekhuizen drew parallels with the Iran-Iraq tanker war of the 1980s, and said the key difference is that in the 1980s the main destination for Middle East oil was the US and Europe, but now more than 80% of exports from the Persian Gulf are headed for Asia, in particular China. Asian shipowners said they were watching the situation closely.
 
Japan’s NYK Group, one of the world’s largest shipowners, said its president Tadaaki Naito had opened its crisis-management center on June 13 and it was collecting as much information as possible.
 
NYK Group has no plans to suspend calling at Middle Eastern ports and none of the group’s vessels were damaged, a company spokesman said, adding that it was unable to disclose the positions of its vessels or detail its security measures.
 
“Vessel navigation (both ways) continues with more vigilance than usual, including full-speed navigation in the area of concern,” the spokesman said. NYK controlled 833 ships, of which 355 were fully or partly owned and 478 were chartered, according to its 2019 factbook. Out of this 63 were tankers and 70 were LNG carriers.
 
Singapore-based BW Group, one of the largest LNG fleet owners, also said it had stepped up security levels.
 
“We are following the events in the Strait of Hormuz with concern and have asked all of our vessels to proceed with additional vigilance following all the appropriate security protocols in place,” a company spokeswoman said.
 
“We wait to see any official statements in relation to the cause of the explosions which took place,” she added.
 
LNG IMPORTERS ON WATCH
The Strait of Hormuz is a critical chokepoint for LNG transits, especially since the world’s largest LNG exporter Qatar ships its cargoes to Asia through the region.
 
“If the strait were to be blocked, then Qatari cargoes will be affected. But if it is just a few vessels being targeted, the impact is minimal,” an executive with Japanese utility Kansai Electric said. He said the latest attacks may prevent oil and gas prices from falling by putting a floor on the market amid the uncertainty.
 
The S&P Global Platts JKM for July cargoes was assessed at $4.4/MMBtu last Friday on steady pricing indications, and Asia Pacific shipping day rates were at $48,000/day.
 
An executive with Tohoku Electric said that the Japanese utility had run several simulations, including future procurement timings and vessel routes.
 
“However, since LNG vessels haven’t been affected thus far, there is no additional buying from us or other utilities as far as I know,” the person said.
 
“I haven’t heard of any impact so far. There might be some buyers on the move after the attack,” a Tokyo Gas executive said.
 
Source:Platts

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