11NOV2019 - NEWS - Just 4 VLCCs Scrapped During 2019

Just four VLCCs and five Suezmaxes have been scrapped during the Jan-October period, with most owners refraining from selling their older ships for demolition, altering the tanker market fundamentals. In its latest weekly report, shipbroker Gibson said that “one of the key developments in tanker supply this year has been a near absence of the demolition activity. During the 1st ten months of 2019 just 30 tankers over 25,000 dwt were reported sold for scrap. About half of all demolition activity has been in the Handy/MR size group, with 17 units removed since the beginning of the year. There were 3 Panamaxes/LR1s demolished and just 1 tanker in the LR2/Aframax size group. The count is marginally higher for larger crude carriers, with 5 Suezmaxes and 4 VLCCs sold for removals”.