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Record bulk shipping demolition rates in 1H15

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World Coal,

Monthly demolition rates in the dry bulk shipping sector averaged 3.3 million DWT for 1H15, according to new figures from BIMCO, compared to 1.3 million DWT last year. This included a record 5.36 million DWT in April – the highest on record for a single month.

The dry bulk shipping market has been at rock bottom since February with the Baltic Dry Index staying below 600 from 2 February to 13 May – its lowest levels ever. But with the high rates of demolition and an expected increase in demand through the 2H15, market conditions are expected to improve.

“As the year progresses, BIMCO expects the demand side to get stronger in connection with rising volumes,” said Peter San, Chief Shipping Analyst at BIMCO. “This should positively impact the market conditions but at the same time also limit the demolition activity.”

So far this year, a total of 68 capesize ships have been demolished – only two behind the full-year record of 70 in 2012. Meanwhile, 104 handysize vessels have left service with the total across all vessel sizes now standing at 262.

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