A record volume of old tonnage is predicted to hit scrap yards this year.
US broker Bart Lawrence, founding partner at Compass Maritime Services, says 2011’s demolition total of 8.8m ldt could escalate by between 1m and 2m ldt in 2012.
“I think we are going to break it this year,” said Lawrence of the all-time high set in the bleak days of 1985.
The wet sector is already seeing 1995 and 1996 tankers sent to the torch and late last year a 1998-built VLCC was sent to be chopped up.