Greeks lead in bulker scrapping

JULY 8, 2015—During the first six months of 2015, Greece, China, and Singapore were the top three countries in scrapping bulkers, according to Vesselvalues.com. Overall, the three countries combined scrapped a total of 136 Capesize, Handysize, Handymax, and Panamax bulk carriers. Click on the accompanying image to get the overall picture of the market.

Vesselsvalue.com analysts point out that Greek owners scrapped proportionally more Capesize and Handysize bulkers thus far in 2015. This is due in part to a more pessimistic view on the drybulk market, preferring to scrap and exit the sector rather than to reinvest in DD works and sit it out.

Chinese owners scrapped 29 Handysize bulkers that were built between 1980 and 1990. That represents slightly more than 24 percent of the 120 Handysize bulkers owned by China as of January 1 of this year.

Meanwhile, Greek owners scrapped 48 percent of their Handysize fleet—13 of 27 vessels—of the same age.

Of the Capesize bulkers built between 1980 and 1997, China scrapped 7 of its 24 owned and Greece 20 of its 41 owned.

Vesselsvalue.com is an online vessel valuations and AIS Vessel Mapping Service provided by Seasecure Shipbroking Limited, a London-based shipbroker.