Ship demolition activity increases by 10.6% during October, but numbers still low to offset looming oversupply

A total of 83 vessels were scrapped during October with an agreggate capacity of 2,17,061 tons, which represented a monthly increase of 10.6% versus September said Golden Destiny in a report. Among the positive signs was a moderate rebound of dry bulk scrapping, with 15 vessels of a total deadweight tonnage of 815,172 tons leaving the market and being sold for scrap last month. It’s an oustanding increase of 200% compared to September. Still, as the shipbroker’s report notes, “the volume of bulk carrier’s demolition transactions during the year to date is down by 53% in comparison with a similar period of 2009”.
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Source: Hellenic Shipping News