24/7 Wall St: Will Scrap Yards Solve the Crude Tanker Glut?

Abdullah Alazzaz
16 February 2018: “According to shipping research firm Poten & Partners, a 15-year-old VLCC has a second-hand value of around $23 million and a scrap value of $18 million to $20 million. Scrapping the old VLCCs will help, but new deliveries for this year and next are expected to total 85 new vessels. To support that growth, more crude oil, not less, is going to have to be put on the water.”

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