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

Carriers have been focusing on buying replacement tonnage as their fleets age, but it has mainly been for ultra-large vessels. The low orderbook and need for more capacity is drawing tonnage providers back to the market

The intention to bring more end-of-life ships from Europe and Japan for recycling in India is laudable, but additional steps are required to achieve this aim, says lead co-ordinator for GMS’ sustainable ship and offshore recycling programme Anand M Hiremath

The appetite for tanker and dry bulk forward freight agreements has risen significantly off the back of geopolitical uncertainty and the pandemic, while scrapping prices for tankers are tipped to rebound