Gibson Tanker Market Report

What a scrap

 

The latest VLCCs that have been reported as scrapped have joined a small, but up to recently growing number of tankers heading to recycling yards. The Sea Coral (1996-built, 298 k dwt) and the Jubilee Star (1996-built, 310 k dwt) have both been sold for record high scrap prices. The Jubilee Star was sold for $24.5 million, or equivalent to $572 per ldt, while the Sea Coral was sold for $24.7 million, equating to $578 per ldt. The timing of their departure from service has coincided with, what is seen as the peak of scrapping prices as well as the removal of vessels from the floating storage fleet.  

 

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