LYRAS: TANKER OPERATORS WILL DECREASE DRASTICALLY
“A massive decrease in the number of tanker operators is highly likely in the future as oil companies become increasing exposed to liabilities related to their supply chain,” warned Dimitri Lyras, director, Lyras Shipping, at the Tanker Operations Conference in London.
The current ratio of 400 tanker operators to seven major oil companies is unsustainable, Lyras said. Surviving operators will have to commit to internal transparency, opening their past and current records before they can obtain oil charters.
“One of the major stumbling blocks to increased internal transparency is the fear that it can provide the legal fraternity with reason to deny a claim,” Lyras said. “Insurers should accept that this attitude is better than one of denial and deception.”
Major oil companies are vetting their suppliers because of a growing awareness that oil supply chains must stand up to ever-increasing scrutiny, “otherwise they risk penalties in public perception and stock valuation,” Lyras said.