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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Price of Maersk's new methanol ships drops

Maersk has just ordered six new methanol-powered container ships and now reveals that the added cost of building green ships compared to conventional ones is decreasing. Economies of scale, says equity analyst.

Esvagt pursues Taiwanese offshore wind

The Danish offshore service operator has located a possible partner on the island as a part of high hopes for the local offshore wind market. If successful, Esvagt could be ready to service wind at sea in the far east in a few years.

Further reading

Related articles

Latest news

See all jobs