Tighter laws to spur tanker scrapping and lift freight rates

Stricter environmental legislation will lead to significant scrapping of older tankers by 2020 and beyond, cutting the number of vessels available to trade and helping lift freight rates, a broker with Barry Rogliano Salles (BRS) predicts.

Tighter rules, particularly concerning ballast water treatment, will cause an exodus of older vessels about to undergo their third and fourth special survey, Yannis Olziersky, a shipbroker at BRS’ Athens office, told a bunker fuel seminar in the Greek capital.

Vessels