These are extraordinary times for the industry. Global recession means the tanker markets have found themselves in a remarkably difficult position in 2009 with reduced demand for clean, dirty and LPG cargoes coming at the same time as an influx of new builds. This has led many market participants to examine all cost areas with the aim of improving operational efficiency across the board. This year has also seen a surge of piracy attacks - twice the number worldwide as last year so far - forcing tankers to sail further and further off the coast of Africa to protect themselves.

At a time of such unprecedented volatility in the global tanker market, Platts 2nd Annual Tanker Economics conference offers the industry, from ship owners, operators and managers to traders and fuel suppliers, an opportunity to identify the challenges ahead and devise strategies aimed at overcoming these challenges.