GMS VLCC first to be scrapped in two years

GMS has broken a two-year demolition duck in the VLCC market with the scrapping of the 297,000-dwt Progress (built 1994).

Evan Sproviero, head of projects at GMS, confirms to TradeWinds the tanker has been sold for recycling in the sub-continent.

The vessel will be the first trading VLCC to be scrapped since October of 2014 when the 307,100-dwt Hebei Mountain (built 1995) left the market, according to data from Gibson Shipbrokers.

VLCCs