Dire freight rates are pushing shipowners to scrap a record number of the biggest oil tankers this year, making it a bumper period for recycling yards in South Asia. Very large crude carriers, or VLCCs, move much of the world’s oil across the oceans. But there are far too many in operation in a shrinking market. Major oil producing countries have curbed production in recent years and the U.S. is importing less crude as it increasingly covers its needs with local oil. The overcapacity is good business for ship-breaking yards in India, Pakistan and Bangladesh, which pay as much as $20 million for each VLCC sent to be taken apart for scrap. The industry is worth up to $5 billion a year, and tankers are among its top earners. “We expect $1 billion worth of VLCCs to be recycled this year,” said Anil Sharma, chief executive of U.S.- and […]