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Cargill senior analyst: 1000 bulk vessels need to be scrapped

At least 1,000 dry bulk vessels will need to be scrapped in order to secure balance between supply and demand in the dry bulk market, projects chief analyst at trading house Cargill, which controls a fleet of 500 bulk vessels.

Photo: Andre Penner/AP/Polfoto

1,000 vessels need to be scrapped before balance is restored to the crisis-stricken dry bulk market.

This is the assessment from Eric Aboussouan, Head of Market Research at the international trading house Cargill, which encompasses the world's largest dry bulk carrier, Cargill Ocean Transportation. On Monday, he made a gloomy prediction for coming years during a teleconference held by Deutsche Bank.

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