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BIMCO: Despite low freight rates, very few crude oil tankers sent for demolition

Despite low freight rates, very few crude oil tankers have been sent for demolition so far this year, as Chief Shipping Analyst at BIMCO, Peter Sand explained. Namely, the year 2021 has been tough on crude oil tanker freight rates across the board so far. As a result, the industry buzz has been all about large scale scrapping of tankers, but so far, it has been all talk and very little walk, as the second-hand market has proved a much-preferred alternative. According to data from Clarksons, although demolitions are up from the start of last year, only two shuttle tankers and two Aframax crude oil carriers (0.45m DWT) have been confirmed demolished in the first two months of 2021. This is significantly down from the 1.1m DWT of crude oil tanker capacity that left the market in December 2020. Despite the widely disappointing crude oil tanker freight rates at the start of 2021, owners appear to be in no hurry to reduce the cargo carrying capacity in the market by selling ships for demolition. ...says BIMCO’s Chief Shipping Analyst, Peter Sand. In fact, Mr. Sand explained that the attractiveness of scrap steel prices around USD 450 per ltd. offered by ...

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