Shipowners Balk at Double-hull Tankers Cost

According to Inq7.net, Philippine’s shipowners are asking for more time to replace their single-hull tankers with double-hull vessels because the capital and maintenance costs for the hardier vessels are higher. Single hull tankers, which are being phased out around the world, have become the subject of revived scrutiny in the country following the August 11 sinking of the weather-beaten MT Solar I off Guimaras Island. The sunken vessel unleashed a massive oil spill. Stakeholders in the shipping industry wanted the ban on single-hull vessels implemented in 2015. While some expect the ban to be enforced as early as 2008, others believe that more time will be required since shipowners are finding the transition from single-hull to double-hull too costly. Double-hull ships are about twice as expensive as single-hulls and their maintenance and operation costs run five to 13 percent higher.(Source: inq7.net)