Double-hulled tanker after 6 July 1993 to be fitted with double hulls, or an alternative design approved by IMO". However, in the aftermath of the Erika incident of the coast off France in December 1999, members of IMO adopted a revised schedule for the phase-out of single-hull tankers, which came into effect on 1 September 2003, with further amendments validated on 5 April 2005. After the Exxon Valdez oil spill disaster, when that ship grounded on Bligh Reef outside the port of Valdez, Alaska in 1989, the US Government required all new oil tankers built for use between US ports to be
Oil tanker oil tankers has ranged from 26.9 to 31.5 years. In 2005, the price for new oil tankers in the , , and ranges were US$43 million, $58 million, and $120 million respectively. In 1985 these vessels would have cost $18 million, $22 million, and $47 million respectively. Oil tankers are often sold second-hand. In 2005, worth of oil tankers were sold used. Some representative prices for that year include $42.5M for a tanker, $60.7 million for a , $73 million for a , and $116 million for tanker. For a concrete example, in 2006, Bonheur subsidiary First Olsen paid US$76.5