With weak freight rates continuing to roil tanker markets, the number of very large crude carriers (VLCCs) being sold for demolition has hit its highest level since 2003, according to IHS Markit data. At least 31 VLCCs comprising a total of 9.2 million dwt have been earmarked for scrapping so far in 2018, of which 25 ships have already been demolished and six have been sold for recycling. This figure is approaching the 35 VLCCs scrapped in 2002 and exceeds the 28 that were broken up in 2003. The only other years in the past decade that saw double-digit demolition figures for VLCCs were 2010, 2012, and 2013, although in none of these years was more than 18 vessels scrapped (see chart, right). Not only are more VLCCs being recycled, but an increasing number of younger vessels are being sent for demolition. IHS Markit data showed the average age of vessels scrapped in the first few months of the year was 22, against 24 last year and 27 in 2008.
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