Industry Insight: Singapore, China, Greece Lead Bulker Scrapping Surge

Thursday July 9, 2015

With 2015 shaping up as a potential record year for dry bulk demolition, VesselsValue.com has taken a look at exactly who is scrapping what.

"The top players are not too surprising, but their scrapping activity differs when you look at the types of bulkers being sold off," noted VesselsValue.com.

"Greek owners have scrapped proportionally more Capesize and Handysize bulkers than Chinese owners in 2015 YTD. This is due in part to a more pessimistic view on the drybulk market, preferring to scrap and exit the sector rather than reinvest in DD works and sit it out."

Data provided to Ship & Bunker by VesselsValue.com indicates that as at January 1, 2015 China owned 120 Handy bulkers built between 1980 and 1990, while Greece owned 27.

China has since scrapped 29, or 24 percent, but Greece has scrapped almost half, with 13 demolitions.

As for Capesizes built between 1980 and 1997, China scrapped 7 of the 24 vessels owned as at January 1, 2015 - a little under a third.

Greece, again, scrapped a little under half - 20 or the 41 vessels owned as at January 1, 2015.