Following capsize bulk carriers, old panamax bulker scraping is also on the rise and expected to record new high.
At the beginning of 2011, panamax bulk carrier kept relatively stable market conditions compared with capsizes. However, recently the sector fell into market downturn and scrapping volume already hit 50 vessels till now, almost the same with the highest of 53 set of 2009.
The scrapping level till now is expected to alleviate the current overcapacity brought by excessive new orders.
It is predicted that over 100 panamax bulker would be scrapped this year, an all-time new high.
Source: E Ship Trading. 28 July 2011