Yes -Ozzy is right. Simple supply/demand imbalance. Plus a tendancy by oil majors to charter tankers less than 15 years old. Nothing fishy at all.

I don't think there is anything fishy going on..Europe and the USA are BOTH in recession..This has affected Growth Rates in China too...Ergo, demand for oil has slipped...Coupled to the fact that the USA is "supposed" to be self Sufficent in oil due to NEw methods of Extraction....such as fracking and Imports from Canadian Tar Sands oil...It means the Demand for Crude Oil tankers is down...Also it results in a higher demand for Product carriers as America will be using these more....Unless China needs more oil demand the rates for these ships will plummet. And in ALL this the Sanctions on Iran are a factor as well...There are TOO many ships chasing TOO few cargos.

Yes Guys, As you can see and Obviously Read that the Demand & supply of Crude is dis-balance and thus the VLCC market is furious, I've read somewhere that Maersk Line are about to sold there fleet of VLCC and other shipping companies are also planing to do so ..... May be the Price they are expecting is not that charming and also the Daily Expense of VLCC become unbearable for shipping companies to hold them in their fleet.
Anyways .... there might be a possibility that you May've seen 15-20 year Vessel is going for Scrapping .....

Something Fishing is really going on ......

regards,

Primedude ...

Yes Guys, As you can see and Obviously Read that the Demand & supply of Crude is dis-balance and thus the VLCC market is furious, I've read somewhere that Maersk Line are about to sold there fleet of VLCC and other shipping companies are also planing to do so ..... May be the Price they are expecting is not that charming and also the Daily Expense of VLCC become unbearable for shipping companies to hold them in their fleet.
Anyways .... there might be a possibility that you May've seen 15-20 year Vessel is going for Scrapping .....

Something Fishing is really going on ......

regards,

Primedude ...

As you all say: Just the wrong ship..what a waste of resources...How is this early demise somehow regarded as "green"...even after trying to be so...Double Hulled...etc.
The market is a joke.

Again another no 20 years old dead...sadly...
GP

Knightsbridge Tankers had been trying to sell her for further trading since October last year, but the right offers did not come. In the end, they caved in and sold her for scrap.
Brgds
Phil

One of the early double hulled VLCC's, seems they aren't immune from scrapping anymore either. The market for used tankers is bad and scrap prices are good.