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Bimco: Even more dry bulkers will be scrapped in 2016

The scrapping of dry bulk vessels gained momentum in 2015 in a year when the average age of ships sent to scrapping declined drastically in a historically weak market, notes Bimco. The big Capesize vessels in particular are being scrapped at a younger age.

2015 came and went as a historically weak year for the global dry bulk market, and the prospects for 2016 do not look much better for the suffering dry bulk players who across the board are watching their liquidity crumble and stocks plummet in the light of disappearing demand and a huge overcapacity of ships.

Over the course of last year, there has been general agreement among players and observers that a large-scale idling of vessels is not enough to outweigh the many ships in the water as well as the newbuildings which are on their way into the market - rather, the ships must be scrapped, and the shipowners are getting better at ridding themselves of their expensively purchased vessel, while dry bulk rates set new record lows week after week.

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