Drewry: Young dry bulk ships to be scrapped in 2013

In the year to come an increased number of dry bulk vessels will be scrapped, Drewry predicts. We will not just witness an increase in the number of demolitions, the ships will become younger and younger when scrapped, Drewry Maritime Research states.

In 2013, a higher number of dry bulk ships will be scrapped than was the case last year. So the latest dry bulk market report from Drewry predicts. The analyst company states that especially carriers which are under financial pressure will scrap younger and younger ships as a result of the slow market.

And with a freight market which does not seem to improve in 2013, Drewry predicts that an increasing number of dry bulk carriers will be in financial trouble. That it is why the high level of scrapping in 2012 will increase further in 2013 and is expected to land at more than 36 million dwt. During the past couple of months, a ship of merely 15 years has been sold for demolition and the average demolition age of Chinese-built capesize vessels was 21 years in 2012. The analyst company estimates that the average demolition age for the handysize sector will drop below 30 years during 2013; an average which was 30.1 in 2012 and 32.4 in 2011.

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