- The once attractive VLOCs are phased out due to safety concerns.
- 43% of the VLOC fleet has been sent to the scrapyards.
- 18% of the fleet is idled or damaged.
- VLOCs were converted from single-hull VLCC towards the end of 2000 as an innovative result of the dry bulk supercycle.
- The maintenance and repair costs are significantly higher than the younger tonnage.
- Conversion from the tanker to dry bulker came at an estimated price of USD 12-15m.
According to an article published in BIMCO and...
http://mfame.guru/increasing-number-of-vlocs-phased-out-due-to-no-operations/