Responding to new challenges (2010-Present)

Moving forward to 2010, INTERTANKO Chairman Capt Graham Westgarth reported: "Having enjoyed a generally strong performance over the previous five years, 2009 was not the easiest of years for the tanker industry as reduced transportation demand for tankers suppressed freight rates and tanker values.

"Until demand picks up, the steady and significant influx of new tankers, as the tanker fleet becomes the youngest in 30 years, may keep earnings down."

He continued: "Looking forward to 2010 and beyond, INTERTANKO is focusing on four overarching priorities where we will continue to develop and promote best practices in all sectors of our industry; work towards being even more of a positive and proactive influence with key stakeholders, developing policies and positions, engaging with policy and decision makers; continuing to profile and promote the oil and chemical tanker

industry, communicating its true role, its social value and its strategic importance as a dynamic force in enabling commerce; and continuing to concentrate on the provision of key services to our Members with customised advice, assistance and access to information, and enabling contact and communication between Members and with other stakeholders."

Earlier, Capt Westgarth commented: "The rest of Nicholas Fistes’ vision for INTERTANKO’s work - encompassing membership involvement, the profile of the tanker industry and continuous improvement where we learn from the past and embrace change - remains." 

Sustainability Project

Capt Westgarth took over as INTERTANKO Chairman at a time when the tanker industry was - and still is - facing enormous challenges, such as an ongoing supply/demand imbalance that decimated earnings, greenhouse gas emissions, ensuring the availability of properly trained and experienced officers and the unwarranted criminalisation of seafarers.

This led to him writing in the 2013 Annual Report: "In response to this, the biggest single issue faced by our Members, our Council and Executive Committee have tasked us with putting together a Sustainability Project, which will have two main aims.

"First, we are seeking to raise awareness of the implications of our Members continuing to face prolonged periods of fixing vessels at levels which barely cover vessel operating costs. Second, we are inviting key stakeholders in the tanker sector to work together to find ways to address operational issues which leave the market imbalanced."

Dr Nikolas Tsakos became INTERTANKO Chairman in 2014. Fresh challenges faced the tanker industry despite many INTERTANKO Members experiencing some of the lowest crude oil prices and bunker costs in the last 15 years. Attention was now turning to reducing the oil tanker’s carbon footprint further by making ships even more environmentally friendly.

Under Dr Tsakos’ Chairmanship, INTERTANKO saw its focus expand to issues such as greenhouse gas emissions, biofouling, ship noise, ship/terminal interface issues and navigation safety.

INTERTANKO’s Annual Report that year saw Dr Tsakos write: "We are increasing our focus on commercial issues. This includes watching for and mitigating deterioration in chartering terms and commercial practices, quick drafting of model clauses for specific needs, as well as monitoring sustainability and transparency.

"We have seen growth and engagement in our Payments Performance System which provides Members with a tool to compare different charterers’ freight and demurrage payment performance and allows INTERTANKO to effectively engage in a robust way with charterers on their specific payment performance and claims handling efficiency.

"Our work on the vetting front continues as we actively engage with OCIMF/CDI and with individual Members of both organisations to ensure vetting policies and practices are developed in the spirit of the SIRE system, and to provide advice and guidance to members to assist them in complying with vetting requirements."

INTERTANKO’s Council of Members elected Paolo d’Amico, Managing Director of d'Amico Societá di Navigazione SpA, as new Chairman of the Association on 7 November 2018 at the IMO Headquarters in London. Mr d’Amico had been a member of Council since 1996 and Vice Chairman since 2012.

Following his appointment, d’Amico said he looked forward to leading INTERTANKO "as it continues to advance the interests of its Members in the various legislatorial arenas, not least as we move towards the next big ticket item in the shape of the 2020 Sulphur Cap.”

He added: “I am honoured to take over the helm at a time when the Association’s role in today’s challenging environment is more prominent than ever. Commercial sustainability of the tanker industry will remain high on our agenda, as will a continued push for operational excellence and environmental protection.

“INTERTANKO and I will continue to work tirelessly in the technical, operational, regulatory and commercial arenas in which we practise; reiterating our shared goals of ‘leading the way and making a difference’."

On 20 November 2024, INTERTANKO’s Council of Members elected Rolf Westfal-Larsen Jr. as new Chairman of the Association .

During its Council meeting held in London, Mr Westfal-Larsen Jr. was elected as the Association’s new Chairman, with Paolo d’Amico stepping down after serving the maximum term of six years.

Rolf Westfal-Larsen Jr. is the Chief Executive Officer of Westfal-Larsen Management AS, a global family-run shipping company based in Bergen, Norway. He has been serving as Vice Chairman of INTERTANKO and a member of the Executive and Management Committees for several years. The company owns and operates a fleet of chemical tankers and is known for being at the forefront of innovation. 

Commenting during the meeting, Paolo d’Amico said, “With Rolf, we have a Chairman who will continue to represent what INTERTANKO stands for; quality, future-focused, independent tanker owners and operators”.

Speaking about his election, Mr Westfal-Larsen Jr underlined his commitment to INTERTANKO. “It is an honour to be elected as Chair of such a respected organisation, and I look forward to playing a part in leading the industry through this period of transition.”