After
global financial crisis bombed the market, scrapping has kept increasing.
Analyst
Park Mu-Hyun of E*Trade Securities said historically, increase in scrapping has
followed after growing newbuilding delivery and shipping market won't be
recovered without growth in demolition.
Commercial
ships go to scrapping yards in various reasons, such as old ages, old-fashioned
technology, rise in steel-plate price, etc. The biggest attraction is outdated
vessels, as they consume more fuels with lower efficiency than competing
tonnages.
Park
said that continued high fuel price pressures ship owners and accelerates
aging. Also, imbalance between tonnage demand and supply drops freight rates
and even younger vessels become unprofitable.
These
all led to increase in demolition and scrapping in 2013 is expected to exceed
the overall amount of those scrapped in the last three years.
Also,
he analyzed that when tonnage diminishes, demand for fuel-efficient
eco-friendly vessel will grow.
Source: E Ship Trading. 17 August 2012
http://en.eshiptrading.com/news/d/222/2984/
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