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.
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