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Like many other industries in Pakistan today, which heavily rely on imports, the shipbreaking or ship-recycling sector also faces operational and financial challenges, leading to various detrimental effects on the national economy, such as.
Chart courtesy BIMCO
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.
This according to a report out today from BIMCO, which shows that so far this year, 10 crude oil and 38 oil product tankers have left the active trading fleet and the development in crude oil tanker demolition and that of oil product tankers continues to head in different directions. Crude oil cargo carrying capacity of just 1.45 million (m) DWT has left the market since the start of the year compared to 1.25m DWT of oil product tankers.
BIMCO: Oil product tanker demolition on track to break 11-year record May 11, 2021, by Jasmina Ovcina
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in 2019 and 2020 respectively due to unfavorable freight rates.
If that pace continues for the rest of the year, an 11-year record is set to be broken, according to BIMCO.
It would then amount to 2.1% of the active oil product tanker fleet.
So far this year, 10 crude oil and 38 oil product tankers have left the active trading fleet and the development in crude oil tanker demolition and that of oil product tankers continues to head in different directions..