Accord claims new lease of life for single hull tankers after phase out

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Hong Kong-based Accord Shipmanagement is forecasting a surge of interest in single hull tankers across the world as the vessels are phased out this year.

“We are receiving enquiries from countries around the world where owners want to utilise single hull tankers in their territorial waters for transhipment purposes. Demand is mostly for use in the crude oil sector,” said Sanjay Shesh, Managing Director of Accord Shipmanagement.

“We are working with owners in India and Nigeria who want to use the vessels to transship oil to and from smaller lighters due to draught restrictions in river estuaries or tidal ports. We’ve also had enquiries from Latin America,” he added.

A revised IMO regulation allows the use of single hull vessels as long as the flag administration sanctions the vessel for this purpose. Vessels cannot be older than 25 years and must pass the Condition Assessment Scheme administered by the vessel’s flag.