14 June 2012

2012 Global Market "The Worst": Market Analysis

The Maritime Safety Administration of China (MSA) revealed that global shipbuilding industry has met the most difficult time this year in recent five years, amid European financial crisis.

In 2011, 41m dwt ship went off to ship breakers and made the highest record, while ship demolition shows a clear increasing trend in 2012, as well.

According to statistical data on Q1 2012, overall 139 vessels of a cumulative 7.8m dwt in the world were sold off for demolition - 35 panamaxes (2.4m dwt), 28 handysizes (3.9m).

In case of tankers over 10,000-dwt, 39 vessels of a combined 3.9m dwt were sold for scrap, while 4.7m dwt and 1.6m dwt tankers headed for shipbreaking yards on the same quarter 2010 and 2011, respectively.
Also, 61,200-teu boxship were sold for demolition.

MSA said that if sluggish global economy continues and shipbreaking prices maintain strength, 2012 will set the new record-high ship demolition.

It added that recently some Chinese shipyards under threat of bankruptcy are actively advancing into shipbreaking market.

Source: EShiptrading. 8 June 2021

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