
Frontline's suggestion of scrapping the oldest VLCCs in the market through a common scrapping fund supported by tanker carriers could become a game changer for the struggling market for large supertankers, according to McQuilling.
Yesterday, Thursday, Frontline CEO Jens Martin Jensen suggested to ShippingWatch that the industry could establish a joint scrapping fund offering a financial incentive for carriers to scrap their oldest ships. Removing the approximately 70 ships that are more than 15 years old would bring balance back to the market, he said.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app