Tanker Scrapping ‘On the Rise’ Amid Dampening Oil Demand

• The fall in crude oil demand has hit the tanker market hard.
• The oil price dip led to the surge in Chinese imports and resulted in congestion in Chinese discharge ports.
• Ship brokers report this is likely to lead to an increase in scrapping.
• Another trend in the ship scrapping/recycling market, the increasing size of the ships being sold for scrap, was also noted.

Falling crude oil demand puts older tankers at risk, writes Craig Jallal for Riviera Maritime Media.

The US...

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