Next year is likely to see a near doubling of ship demolition volumes as skyrocketing fuel prices, decarbonisation regulation and an ageing fleet push an increasing number of ships into retirement.

Demolition volumes of more than 40m dwt are being forecast by UK broker Clarksons for 2023 — the highest level since 2018 after struggling to get over 25m dwt last year with a similar figure expected for this year.