27 March 2012

More ships to be scrapped this year:

Ship scrapping will rise 19 per cent to a record this year as stricter environmental rules prompt owners to sideline older vessels in favour of newer, more fuel-efficient designs, said Clarkson Plc.
Demolitions will increase to 49.1 million deadweight tonnes, surpassing the current all-time high of 41.2 million tonnes reached last year, London-based Clarkson, the world's largest shipbroker, said yesterday.
Ship fuel, or bunkers, almost tripled in price since January 2009, lowering returns for older vessels with higher consumption, Clarkson said.
Reduced new-ship prices and tougher regulations aimed at curbing emissions may also encourage owners to renew their fleets, according to the shipbroker's monthly World Shipyard Monitor.
"Older vessels will face increased competition from tonnage delivered in 2011, with increases on bunker prices pressuring earnings," the shipbroker said.
Scrapping of tankers and containers will increase this year, Clarkson forecast. Fifty-four per cent of all ships demolished last year were dry-bulk carriers that transported minerals and grains, spurred by a slump in hire costs to the lowest level since 2002.
Source: Hellenic Shipping News. 24 March 2012

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