As the glut of oversupply in the
tanker market is overwheling and threatening to cut down the potential earnings
of newbuilding vessels, ship owners seem to have accepted the notion of selling
younger vessels (but still old compared to their modern counterparts) for
scrap. According to the latest weekly report from CR Weber, until recently, the
average age of tanker units sold for demolition was relatively level, despite
the fact the the average age of the world’s tanker fleet is being brought down,
as a result of newbuilding deliveries.
According to the report, “until
2010, most tanker demolitions sales were limited to single hull vessels. During
2010, there was some acceleration in the number of double hull vessels (many of
which had been converted from single hulls), but this was in tandem to an
overall acceleration in demolition sales as demolition values were rebounding
from 2009 lows.
Accordingly, the percentage of
double hull units sold for demolition relative to the total remained low during
2010 at 13%. During 1H11 the percentage rose to 22% and since the start of
August it has risen further to 39%. It is also worth noting that since the
start of September, the average age of demolition units has dropped to about 23
years with 5 units built in the early 1990s being sold for demolition (4 of
these being double hull units). Although it is too early to surmise that this
represents an emerging trend, it remains one of the most viable means of aiding
the tanker sector from overcapacity.
Source: Balkans. 27 September 2011
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