The product tanker segment Sample Clauses

The product tanker segment. All of the information and data presented in this Part I – 6. 4.1 The product tanker segment" has been provided by Fearnley Consultants AS ("Fearnleys"). Fearnleys has advised that the statistical and graphical information contained in this Part I – 6.4.1 is drawn from its databases and other published and private industry sources. Such sources include data from the U.S. Energy Information Administration ("EIA"), the Joint Organisations Data Initiative ("▇▇▇▇"), the International Energy Agency ("IEA"), the International Monetary Fund ("IMF") and BP's Statistical Review of World Energy. The Company does not have any knowledge that the information provided by Fearnleys is inaccurate in any material respect. In connection therewith, Fearnleys has advised that: (1) certain information in Fearnleys' databases are derived from estimates or subjective judgments, (2) the information in the databases of other shipping data collection agencies may differ from the information in Fearnleys' databases and (3) while Fearnleys has taken reasonable care in the compilation of the statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit and validation procedures. Although data is taken from the most recently available published sources, these sources do revise figures and forecasts from time to time. Oil tankers are divided into two main categories, namely crude tankers and product tankers. Crude tankers make up the larger part of the total oil tanker fleet in terms of cargo carrying capacity, accounting for about 70% of the total, with product tankers making up about 28% (the balance being made up of shuttle tankers). Product tankers have a similar design to crude tankers, the difference being the coating inside the tanks enable the product tankers to carry products that would otherwise be contaminated by and/or have an adverse impact on the steel tanks used when carrying crude oil. The specific material used for coating the tanks determines what types of products the vessels can carry. An epoxy coating enables vessels to carry various refined oil products, vegetable oils and easy chemicals. Tankers with epoxy coatings are referred to as "product tankers", as no more advanced coating is required to compete in refined oil product trades. Vessels with more advanced coatings like MarineLine, zinc or stainless steel are normally employed in chemical trades. Below is a general breakdown of the various vessel ...