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Tanker demolitions-I: Sharp rise in demolitions
Mar 20: Traditionally, one of the key drivers for demolition has been weak spot earnings.
82017 witnessed higher tanker scrapping on the back of deteriorating trading conditions.
8Further increases have been seen more recently in 2018, most notably in the VLCC segment.
8For the year to date, 15 VLCCs have been reported sold for demolition, with this year’s volume already exceeding the total for 2017.
8Firmer scrap values have also helped to stimulate demolition: lightweight prices in the sub-continent have climbed above $450/ldt in recent months, their highest level in three years.
8The prospects for the spot market remain poor in the short term, suggesting that we are likely to see more tonnage heading for demolition.
8The irony is that even if more VLCCs are scrapped, it is unlikely to be sufficient to offset 46 VLCCs still scheduled for delivery this year, even if we take slippage into account.
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