Interest in older VLCCs from secondhand buyers has caused a big jump in asset values that is pricing scrap buyers out of the market.
As a result, these veteran vessels continue to trade, postponing any rush to recycling yards, shipbroker SSY said.
In the first eight months of 2022, the London shop tallied just two VLCCs sold for scrap, despite recycling prices reaching a 13-year high in the second quarter and a build-up of older units, given the low scrapping levels of recent years.
