The number of older VLCCs sent for scrap so far this year has been “somewhat astounding”, Clarkson Research states in its latest weekly report. Fellow broker Gibson reports that 15 VLCCs have been reported sold for demolition in 2018, with this year’s volume already exceeding the total for 2017. In addition, two former VLCCs (converted into FSOs and used for storage projects) were also sold for permanent removal. Tankers heading for scrapping are getting younger, relative to those demolished last year, according to Gibson data. This year’s average age is 18.5 years versus 21.5 years for VLCCs demolished in 2017. The sheer volume of these giant tankers heading to the beaches of the Indian Sub Continent has created some logistical and financial bottlenecks. “Cash buyers are starting to feel the strain of the continued availability of these larger units, with it becoming harder to sell to buyers at the […]