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The article focuses on the VLCC vessel glut. Among the considerations, scrapping of older VLCCs

http://www.hellenicshippingnews.com/News.aspx?ElementId=b690...

The VLCCF vessels that were sold fit into this category, as do two of the TNP VLCCs. The question becomes,
do the vessels just exit the transport side, or are they suggesting complete exit i.e. scrapping of
a vessel. Not immediately, but in a couple of years JF-owned vessels start getting impacted.
Perhaps, that was the significance of lower rates thru 2015. That's the amount of time to capture
enough run-off revenue from many of the SFL and KG-financed vessels.
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