Panamax ship scrapping to hit record in 2011
This year, 46 panamax vessels have been scrapped Scrapping of panamax dry bulk vessels is on course to hit an all-time high this year as the sector faces growing pressure from a record number of new ships entering the fleet, ship broker SSY said.The outlook for dry bulk rates has been grim because ship supply has outpaced demand to ship commodities."So far this year we have seen 46 panamax vessels scrapped, which puts panamaxes easily on course for a record year overtaking the 53 which were scrapped in 2009," said Derek Langston, a senior director at SSY Consultancy and Research."These are vessels that we have seen arrive at the breakers and exiting the fleet. These do not include recent sales that we have been aware of in the last month. So that number is clearly set to grow," he told Reuters.SSY, one of the world's biggest ship brokers, said 7 panamaxes were scrapped in 2010. Panamaxes, which range between 60,000 to 99,000 deadweight tonnes (dwt), usually transport cargoes of coal or grains."As well as having record demolition activity, we also have record levels of new buildings and the panamax newbuildings are poised to overtake the 186 total we saw in ...
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