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Tanker scrapping on track for record level this year

The largest number of tanker vessels in five years will be scrapped in 2018, reports Reuters. There are several reasons for this.

Photo: GMS

A large number of tanker vessels will leave the market this year. The highest number in five years, according to analysts speaking to Reuters, is expected to be scrapped during 2018.

The fact that so many vessels are being scrapped is attributable to several factors: First of all, low profitability for the ships. Secondly, high steel prices. Thirdly, the new environmental regulations underway, including the sulfur cap in 2020.

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