By Andrew M. McCosh, Michael J. Earl

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Example text

But there is another way in which the oil company can choose to obtain revenues from their shipping activities. Burmah Oil, aImost aIone amongst the significant oil companies, chose to enter the short-term tanker chartering market. The short-term chartering arrangement depends very much on current views of the market and short-term demand. Since thc bulk of the cmde oil is shipped in carriers owned and operated by the oil companies themselves, it is only the marginal demand which is required for short-term chartering purposes.

The commitments for 1975 were [63 million. The present value ofthe remaining contractual commitments extending up to the year 2003 was given in that annual report at [313 million. This corresponds to [48 million per annum or a total of [1341 million. These commitments are not at aIl abnormal in the oil tanker chartering business. All large oil companies must make provision for the transhipment of their product. However, most ofthe larger oil companies simply work out how many ships they will need and buy (or charter) sufficient to meet their own anticipated requirements.

This strategy obviously involves very substantial financing operations. In most cases Burmah took the vessels on a long-term charter basis from speciaIly created financing corporations based in the United States. The contractual commitment payable during 1974 was reported at [53 million in the 1973 annual report. The commitments for 1975 were [63 million. The present value ofthe remaining contractual commitments extending up to the year 2003 was given in that annual report at [313 million. This corresponds to [48 million per annum or a total of [1341 million.

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