Supermarkets, which account for about a fifth of the world’s oil supply, are at risk of being scrapped as demand for their services decreases. Bloomberg writes about this referring to the heads of the company, which is engaged in this transport.
During the coronavirus pandemic of 2020 and the fall in oil prices, the demand for supertankers fell. However, during the period of low budgets, upper tank depots were used to store surplus oil and the transport market crisis was invisible. Now, when, due to the OPEC + agreement, world oil production has declined and demand has begun to grow in the context of the global economic recovery, tanker tanks are no longer needed or as by means of transport or as a place to store oil.
Clarkson Research Services, a division of the world’s largest ship broker, estimates that approximately 2 percent of all supertankers will be scrapped by 2021. This will primarily affect ships over 15 years old. In comparison, in 2019 and 2020 the indicator was almost nil. An additional incentive for companies to ship scrap supertankers could be that scrap prices are currently at their peak since March 2018.
Most supertanker owners do not expect to recover revenue before the second half of 2021. Then, oil demand is expected to return to pre-crisis levels. This, in turn, should lead to an increase in the volume of oil transportation by sea.