Old ships are the tanker owners' secret weapon

If the rates take a dive, there are so many scrap-ready tanker ships in the market that the shipping companies themselves have a certain degree of control over supply and demand, Euronav CEO Hugo de Stoop tells ShippingWatch.

Photo: PR / Euronav

The tanker market is booming, but if the rates turn south, the shipping companies have a secret weapon in their arsenal.

In the years to come, a series of tanker vessels will reach an age that makes them obvious scrapping candidates. This means that the tanker shipping companies themselves have a certain degree of control over supply and demand, explains Euronav CEO Hugo de Stoop.

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