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Capesize scrapping rates go through the roof
Capesize bulker scrapping rates are soaring as owners struggle with poor freight market.
1 Min Read
Kalyakan - stock.adobe.com
In a report Bimco analyst Peter Sand noted that despite low scrap rates of $370 per ldt owners are scrapping more ships than ever before.
While in the whole of last year 25 capesizes totalling 4.2m dwt were scrapped, the first four months of 2015 some 52 capesizes totaling 8.7m dwt have been sent to the breakers yards. The numbers are fast approaching the record of 70 capesizes scrapped in 2012.
“The increase in capesize scrapping comes at a much needed time for the market. Looking at the development so far this year the fleet growth has actually been negative, with a reduction of 0.8 %,” said Sand.
Panamax scrapping is also on the rise with 2.6m dwt sold for demolition so far this year, over half 2014’s total of 4.8m dwt.
For handymax and handysize scrapping rates are up 34% and 79% year-on-year respectively.
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