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Scrap prices surge in busy shipping market

Ship recycling rates are surging at scrap yards, driven mainly by more expensive steel and fewer ships sent for scrapping, writes major buyer GMS in an update.

Photo: Akhtar Soomro/Reuters/Ritzau Scanpix

The demolition prices of ships sold for scrapping continue to surge in a development driven mainly by fewer available vessels and more expensive steel, writes Dubai-based GMS, the world's largest buyer of scrap tonnage, in an update.

Decommissioned ships have thus been sold for more than USD 600 per LDT (light displacement tonnage) to scrapyards in Bangladesh. This goes for a number of tankers and container vessels not mentioned by name or previous owner.

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