A new International Maritime Organization (IMO) regulation on ballast water management as well as continuing weakness in freight rates will increase tanker shipping demolitions over the next two years, with the trend accelerating in later years, according to maritime industry analyst Drewry.

In a report, Drewry said the relative youth of the global tanker fleet had so far not led to increased demolitions of ships, unlike the containership fleet, but that the new regulation requiring built-in Ballast Water Treatment Systems (BWTS) by September 2017 would force many ships out of service. Drewry added that demolitions could increase even more if a grace period for retrofitting some ships is not extended beyond mid-2018.

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