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Demolition rates hit lowest point for nearly two years

The tankers market is closely watching scrapping activity after digesting huge volumes of newbuilding VLCCs and suezmaxes during the first half of 2019. Now the plunge in demolition payments is further jeopardising recovery in tanker rates

Payment for dirty tankers per long ton light displacement (LDT) in the Karachi to Chittagong area slumped to between $388.75 and $402.25 for the week ending August 2, the lowest since November 20, 2017, according to Baltic Exchange data

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