Scrapping of old tankers reach 30-year low

Over-production and muted demand for oil now result in older tanker vessels seeing the lifespan extended as floating oil storages, according to a new analysis from broker SSY.

Old tanker vessels live longer because they are being used as floating oil storages. | Photo: Colourbox / arkivfoto

Just 14 tanker vessels of at least 10,000 dwt were scrapped or converted into other types of ships in the first half of 2020.

This is the lowest number of scrappings in the global oil and product tanger segment since the first half of 1990, according to a new analysis from shipbroker Simpson Spence Young, SSY.

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