LOOKOUT! EXXON AND MOBIL ARE MERGING

We thinks it’s good news for ship owners who have bet heavily on VLCCs; not so good maybe for those who have expanded OSV fleets in anticipation of greater offshore drilling in deeper US Gulf waters. That’s Marine Money’s micro-analysis of the proposed merger between Exxon and Mobil. But we also see a mega-event shaping up that transcends things afloat. Hence, we go on record predicting that a reef of economic turmoil lies beyond the two ULCC-size radar blips represented by the proposed merger of Exxon and Mobil.

What does it really mean? Anyone who has peered into a radar on a moonless, squally night knows that what is seen may not be what is actually there. A smart mate will give the bearing and range to the lookout for visual confirmation. But even favorable weather, flawless equipment, sober officers and attentive watch standers have not prevented some dramatic mishaps, the only explanation of which is usually that what was “seen” was not correctly interpreted until it was too late.

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