WeberSeas Weekly Demolition Market Report for WEEK 38 of 2011:

Demolition activity rose this week. Another 2 capsizes have been sold bringing the number scrapped so far this year nearly 60. We are also seeing many tankers being sold for demolition (2 VLCCs, 1 Suezmax, 3 Aframax, 1 Panamax and 1 MR).

On the dry side majority of the vessels scrapped are in handysize and mpp/tween sectors.  

India continues to have a never ending appetite for ships and it is paying the best money for it. Tweendeckers are being sold in India just below $550 mark. At the current pace of demolition it is expected that around 4.5% of the existing dry cargo fleet could be demolished this year.

We need high scrapping rates to offset massive orderbook which represent 40% of the existing fleet. For your information the record high for demolition is 6.5% of the fleet 25 years ago, back in 1986.

Price Offered for Scrap Vessels by Demo Countries:

Location	Tankers	Bulk Carriers
China	470	460
India	540	530
Bangladesh	540	525
Pakistan	545	425

Source: Hellenic Shipping News (Sourced from www.weberseas.com) 23 September 2011

http://download.hellenicshippingnews.com/pdf/WeberSeas%20Weekly%20Report%20September%2023-11.pdf