Page 31: of Maritime Reporter Magazine (June 2019)

world yearbook

TANKERS

BY OLIVIA WATKINS, HEAD CARGO ANALYST, VESSELS VALUE

NEWBUILD Norwegian companies Hunter with 500 sales con? rmed over the last DEMOLITION

Since the beginning of the year, 100 Group and Knutsen NYK Offshore 12 months averaging over 40 sales a

The demolition market for tankers newbuild orders have been placed buy few but spend a lot. Combined, month. Product carriers have been has slowed down with only 30 deals across the tanker sector. This is a con- they have spent close to half a billion at the forefront of interest with over done year to date compared to 105 for siderable amount lower than the same dollars on only ? ve vessels, ordering 50% of the deals consisting of these the same time last year. period last year, when 140 vessels three VLCCs for $93.6 million each vessels.

Noticeably, the larger tonnage has

This does not include chemical taken a step back in terms of demo-were placed. It is no surprise to see the and two Suezmax shuttle tankers for tankers. It is interesting to note that lition deals with a high number of Greeks lead the way with the highest $105 million each.

number and largest vessels ordered, older VLCC tonnage is being sold smaller units going for scrap over the but hot on their heels are the likes of SECOND HAND for further trading as rates have im- past 12 months. Demolition rates have

In contrast to the newbuilding mar-

Eastern Paci? c and Ocean Tankers, proved. Since the beginning of 2019, remained high and steady with Ban- the Singaporean owners ordering the ket, the sale and purchase market is of the 13 total VLCC deals, Sinokor gladesh taking the majority of ton- looking rather strong in recent months, has of? oaded three older units.

clean trading vessels. nage.

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