11.3 million dwt sold for recycling

The sale of the 412,600-dwt ULCC Kapetan Hatzis (built 1976) to China for an amount of USD 150 per ldt makes our total demolition sales this year 11.3 mil dwt, including 26 U/VLCCs at 8 mil dwt.

Altogether we have recorded 79 tankers sold for recycling so far this year. With the purchase of the Essex and Kapetan Hatzis China has re-entered the market after a couple of months with no purchases of VLCCs for recycling. The price moved above USD 150 per ldt in April. Our lowest price recorded was a sale to China in February of USD 125.5 per ldt. The next VLCC purchase by China amounted to USD 158 per ldt.

Bangladesh has taken 51% of total tanker tonnage sold for recycling, India is second with a 24% share.

The 1.9 million tonnes of steel tanker tonnage sold for recycling in 2002 has generated some USD 260 million to the tanker owners at an average price of 142.6 per ldt.

INTERTANKO has recorded 3 tankers below 20,000 dwt, 19 tankers 20-50,000 dwt, 24 tankers 50-120,000 dwt and 6 Suezmax tankers sold for recycling. The average age of all tankers sold for recycling was 26.9 years, the average age of the youngest segment 50-120,000 dwt was 25.9 years, and the average age of the tankers 20-50,000 dwt was 27.5 years.