Bunkerworld: 2011 Tanker Market Shows Virtue of Slow Steaming

“The weak freight rate environment in 2011 has seen tanker operators pushing for lower voyage speeds in a bid to cut bunker consumption and increase their earnings. . . ‘This past year’s tanker market has shown us that even in the non-stop world of global marine transportation there is virtue in slowing down,’ said Poten & Partners in a report on Friday. ‘As low freight rates have been accompanied by high oil prices, tanker owners trading in the spot market have been begrudgingly applying the majority of their voyage revenues towards exorbitant bunker bills.'”