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Demolition market in the doldrums as ‘ghost’ tanker fleet continues to find employment

Owners seeking offers on larger vessels are being advised to steer clear of the demolition markets until stability returns

Currency depreciations in the major Indian subcontinent markets, rising inflation and a steep drop in recycled steel demand have caused a reduction in price offers from vessel recyclers. And while the tanker sector has provided more than half of all demolition activity so far this year, elderly crude tankers, which would have been consigned for scrap previously, are continuing to gain employment for shipments of Iranian and Venezuelan crude

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