Tanker Safety Risks Rising After Rate Plunge, Ship Owners Say
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A collapse in oil-tanker rates to the lowest level in at least 14 years is increasing the risk of spills because it may encourage some owners to spend less on safety, Tsakos Energy Navigation Inc. and BW Group Ltd. said.
Rates to haul Middle East crude to Asia, the biggest trade route, fell to $674 a day from a record $289,000 in 2007 because of a glut of vessels, data compiled by Bloomberg show. Daily operating costs for the very large crude carriers are $10,670, London-based accountant Moore Stephens LLC estimates.