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Ships save by going slow

January 19, 2011

Oil Tanker the Size of a Small City

The price of fuel has a massive impact on certain businesses and in the shipping business, the high price of marine fuel is causing all kinds of concern. Ships are on a go slow, to save fuel and money.

“The largest ships burn 320 tons of fuel a day when traveling at full
speed, according to Soren Andersen, vice president for vessel management
at Maersk Line, the container unit of A.P. Moeller-Maersk. That can
drop to 40 tons when they sail as slowly as possible, saving owners
about $27 million a year, the executive said.”

Bloomberg

The impact of this development is obviously to reduce capacity and increase shipping costs overall with a probable knock on effect to the price of goods.

Oil prices are currently hovering around $91 a barrel and it’s been suggested by many analysts that the global economy could not stand or sustain $100 oil.

Posted by Ed Cotton

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