Logo img

게시판 > News >

게시판 > News >

>  게시판 >  News

보기

Tanker Scrapping Hits Record High in 2018

  • 작성자 : KOMEA
  • 작성일 : 2019-01-09 오후 2:05:46
  • 조회 : 14
Companies around the world have scrapped a record number of large crude tankers in 2018. A prolonged bear market for crude oil tankers have resulted in the deletion of triple the number of ships sold for scrap, compared to last year.
 
About 100 vessels of the industry’s main crude carriers have been sent to India and Bangladesh for demolition, according to data from Clarkson Research Services Ltd., the statistical and research service arm of the world’s largest shipbroker.
 
As of September the vessels, which transport 40 percent of the world’s crude, were on course for the worst charter rates in three decades. In an August report, Bloomberg stated that the implosion of charter rates was due to a two-year reduction of OPEC cargoes and environmental regulations
 
Morgan Stanley estimates the global fleet of large crude carriers could lack 100 million barrels of transportation capacity in the first half of 2020. “It prolongs the period of profitability after the turnaround,” said Fotis Giannakoulis, a New York-based shipping analyst at the bank.
 
“The more you scrap, the more you bring the recovery forward and accelerate its speed. The market will strengthen with high scrapping even with smallest growth in demand.”
 
In other words, today’s scrapping of vessels is seen as a deleveraging period to clear excess and rebalance the industry
 
Average earnings for 2 million barrel-hauling VLCCs crashed by 65 percent to $6,159 a day in 2018, the lowest since the financial crash according to data from Clarkson. They were $17,794 for all of last year, $41,488 for 2016 and $64,846 in 2015.
 
For companies who did not scrap, rates recently moved higher more threefold from late September to mid-December, according to Clarkson figures.
 
“What those demoralized owners perhaps failed to foresee was a sudden surge in cargoes. With the U.S. poised to impose sanctions on Iran earlier this year, producers including Saudi Arabia and Russia began adding barrels to the market. (SEA News)