A veritable flood of Capesizes scrapped this year

The number of scrapped dry bulk vessels is already at this point three times bigger than in the full year 2014, reports the world's largest scrap buyer, GMS. Low steel prices force scrap prices down.

With 90 Capesize vessels sold as scrap this year, more than three times as many of the biggest dry bulk vessels have been recycled at this point in 2015 than in all of 2014 in which 25 Capesizes were scrapped.

"With about 90 capesize bulkers scrapped so far this year, it could be a frantic finale to a disastrous 2015 with owners finally choosing to dispose of their older units," reports GMS, the world's largest cash buyer of ships, in its latest newsletter.

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