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Total very large crude carrier scrapping value could reach $1bn, says GMS chief executive

If the pace of VLCC recycling stays the same for the rest of the year, VLCC scrapping value may reach a record high, says GMS president and chief executive Anil Sharma. This is despite the financing requirement for scrap deals being higher nowadays

Weak freight earnings, firm demolition rates and tightening environmental regulations are boosting recycle volume

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