John Fredriksen’s Frontline is expecting an acceleration in scrapping to underpin a recovery in the crude tanker market from next year.
Frontline Management chief executive Robert Hvide Macleod says both the poor market and rising scrap values are encouraging a rise in demolition activity.
“We expect vessel scrapping to pick up as we progress through 2017,” Macleod said, noting spot rates have slumped to the lowest level in three years.
