ShippingWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

OECD downgrades growth forecast for global economy

The global economy is still growing, though it's losing momentum, according to the latest growth estimate of the OECD's Economic Outlook. Bottlenecks in the shipping sector and elsewhere as well as pressure on supply chains have contributed to rising inflation.

Norden reshuffles management and dials up growth ambitions

Norden establishes a new business structure and a new senior management team. This will entail increased growth in the carrier's tanker pool and investments in port logistics for an annual USD 20-40 million, CEO Jan Rindbo tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs