Bimco: Scrapping age for dry bulk vessels still getting lower

Many scrappings of younger vessels, among Chinese shipowners in particular, seem to be rooted in China's state subsidies for scrapping of dry bulk vessels, writes Bimco in an analysis.

BY CHRISTIAN BARTELS

A two-year subsidy program for the scrapping of dry bulk vessels has made Chinese dry bulk shipowners - as some of the only ones - scrap ships which are younger than 18 years old. 19 out of 28 dry bulk vessels built between 1998 and 1999 have been scrapped between 2013 and 2015 - which proves the significance of the Chinese scrapping subsidies, notes Bimco in a recent analysis.

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