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Bimco: Alarmingly weak bulk vessel scrapping activity

A large number of new vessels are headed into the dry bulk market in 2017 and 2018, which creates a major need for scrapping if the sector is to stand any chance of being profitable in 2019, warns Bimco.

Photo: Golden Ocean

30 million dwt in dry bulk vessels need to be scrapped every year if the industry wants to make up for the many new vessels expected to hit the market in 2017 and 2018, and to maintain any chance of making money again in 2019.

This will be a challenge, warns shipping organization Bimco, pointing to alarmingly weak scrapping activity among bulk carriers in the latter half of 2016, which was the worst year ever for dry bulk carriers.

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