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Soaring bunker prices tipped to clear out older tonnage

High bunker costs are forcing owners to look at their fleet deployment plans this year.

Bunker prices, already the highest they’ve been since 2012, are widely tipped to remain at severely elevated levels all year, leading to a greater swathe of the world merchant fleet deciding to slow steam where possible and forcing the hand of many vintage units towards demolition.

The past week has seen crude prices remain at close to seven-year highs amid indications that the prompt physical crude market remains relatively tight while inventories in several major oil consumers languish at ...

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