More Boxships Set to Join Scrap Markets in 4Q
As the shipping industry saw an abundance of vessels leading to overcapacity in the shipping industry, accompanied with depressed freight rates which signified a tough market, a number of shipowners opted to dispose of their vessels selling them for scrap.
According to MANA, The second quarter of the year witnessed a total of 212 end-of-life ships sold for demolition during the period.
He added that the figures for 2015 show that the largest volume of ship recycling has taken place in Bangladesh, while the current numbers for 2016 show that Bangladesh and India are competing neck to neck.