Korean oil firms plan to reduce the number of single hull tankers before a ban is introduced by January 1, 2011. Five domestic oil majors – SK Energy, GS Caltex, S-Oil, Hyundai Oil Bank and SK Incheon Oil – will reduce the single-hull charter ratio to 42% by the end of this year and less than 30% from next year. Last year, 437 tankers visited Korean ports and 229 of the total were single-hull tankers.
The oil industry had earlier foiled plans by the Ministry for Maritime Affairs and Fisheries MOMAF to implement the ban earlier than 2011. Oil majors felt that time constraints would cause a problem. At present, GS Caltex, Hyundai Oil Bank and S-Oil carry oil with foreign shipping companies. Only SK Energy and SK Inchon Oil are using tankers operated by their affiliates. GS Caltex will only use double-hull tankers from next year and the other four will reduce single-hull tanker use. Meanwhile, Korean ship owners own 34 tankers and 14 of the total are single-hull tankers.
The oil industry had earlier foiled plans by the Ministry for Maritime Affairs and Fisheries MOMAF to implement the ban earlier than 2011. Oil majors felt that time constraints would cause a problem. At present, GS Caltex, Hyundai Oil Bank and S-Oil carry oil with foreign shipping companies. Only SK Energy and SK Inchon Oil are using tankers operated by their affiliates. GS Caltex will only use double-hull tankers from next year and the other four will reduce single-hull tanker use. Meanwhile, Korean ship owners own 34 tankers and 14 of the total are single-hull tankers.