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Latest From Ship Recycling
The week in charts: Tanker scrapping flatters to deceive | Box data highlights pandemic pain | Suez stoppage shoots up freight rates
Tanker demolition numbers through the first quarter did little to raise hopes of reducing oversupply weighing on rates, while the latest official container volume data lays bare the initial impact of coronavirus on the industry
Higher scrapping was expected to help cut the oversupply of tankers weighing on rates
Key issue is limitation period in claimant’s domestic jurisdiction, lawyers argue
Offshore driller Seadrill announced a $2.9bn impairment charge for last year after it filed for bankruptcy protection in Texas in February. The Fredriksen-controlled driller said demand would stay low this year, with some recovery in 2022
Vintage tankers sold to cash buyers for scrap are reborn in sanctioned trades, shipping Iranian crude to China via a network of subterfuge tankers
For developing countries like India, steel is essential for growth and infrastructure development and ship recycling is one sustainable way to get steel without exploiting natural resources, according to Anand M. Hiremath, lead co-ordinator for cash buyer GMS’s sustainable ship and offshore recycling programme
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