Oil Tanker Owners Are Scrapping the Most Ships in Decades
- Tanker demolition could hit multi-decade high: cash buyer GMS
- Morgan Stanley anticipates shortage of supertankers by 2020
A ship breaking yard in Bangladesh.
Photographer: Yousuf Tushar/LightRocket via Getty Images
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Oil tanker owners are giving up.
A 19-month curtailment of OPEC cargoes, and environmental regulations that are proving uneconomical to comply with, have got owners purging the supertanker fleet at the fastest pace since the 1980s, according to Global Marketing Systems Inc., one of the world’s top buyers of obsolete ships for scrap.