Sea freight – shipping issue for vegetable oils

28. May 2014

Sea freights are a very important component. A lot of our products like Castor oil and Castor oil Derivate are not produced in Europe. They have to be shipped a long way from other continents by ship to Europe. For that reason the bunker price takes a very significant component in each calculation. OPW is observing the trend of the sea fright very precisely for you. • Currently ~1.900 chemical tankers are shipping on the world’s oceans. All together they have got a loading capacity of 27.361.600mt. 59 (2,7 %) of them are older than 25 years old. For Tankers over 25 years you need additional expensive transport insurance. In the next years about 440 brand new Tankers are expected to be commissions and put into operations. • The most part of the well-known shipping companies operate Tankers with a loading capacity between 17.00mt to 19.000mt, but there are also some with a capacity of more than 60.000mt • According to GDP Growth forecast 2007 – 2014 we have got a decline of transport orders in Asia and China, but on the other hand increases are witnessed in Europe and the USA. Never the less we expect a freight market collapse, because the main part of the shipping companies currently is not working profitable. • Since 2012 the bunker prices have tripled. One of the reasons is the rising fuel costs. For your reference an ocean tanker consumes 24 to 28tonnes of bunker fuel each day! For this reason we do expect rising bunker prices for the future. • The number of pirate attacks has increased in the recent years. In the area of Somalia have been 50% of the world wide pirate attacks. Only in 2012 caused pirated attacks approximately between 3 and 3,2 milliard USD. These costs include security premiums by qualified personnel, increased insurance premiums and other risk premiums will ensure that our products are transported securely over the oceans.

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