Using VesselsValue data, our team of experts have analysed the trends and changes across the Demolition market, looking at the increasing scrapping numbers seen so far in 2021, as they continue to rise. We examine the surge in activity and the breakdown of the Demolition market over the last six months with Tankers accounting for nearly half of all cargo vessels scrapped.
“The first half of 2021 saw 275 Cargo vessels sold for scrap, up 40% and 33% compared to 2020 and 2019, respectively, with a total scrap value of over USD 1 billion.
The previous cargo ten year high of 560 USD/LT was quickly surpassed at the start of June 2021 and current prices are closing in on a 13 year high. In the first half of the year, the scrap price increased approximately USD 0.86 every day. If this growth rate continues then the 2008 all time high of 754 USD/LT will be reached by the end of the year.
However, with Containers and Bulkers making so much money, and Tankers having done so previously, some owners are hanging onto their vessels despite the huge temptation from scrapping prices…”Read the full review here.
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