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Demolition Report, June – Oct 2021

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Demolition Report, June – October 2021

Using VesselsValue data, Joey Daly, Cargo Analyst, has analysed the trends and changes across the Demolition market in the latter half of 2021. This article looks at the fluctuating scrapping numbers for both Bulkers and Containers, which benefitted from a booming charter and S&P market, despite the rising scrap steel prices. 

“Since the end of H1, there have been 163 Cargo vessels sold for demolition, a 4.5% increase on the same period in 2020 when 145 vessels were scrapped, and a 63% increase from 2019 when only 100 vessels were scrapped. These vessels had a combined DWT of 6.3 mil and a minimum combined scrap value of over USD 825 mil.

Between the end of June and the end of October 2021, the average Indian Subcontinent scrap price across Bulkers, Tankers and Containers rose by c.5% from 590 USD/lt to 620 USD/lt. 

The percentage of Containerships scrapped between June and October 2021 has dropped dramatically since last year as shipowners have been holding onto their tonnage. There were only 2 Containerships scrapped between June 30th and October 25th 2021, representing a 94% decrease from 2020, where 34 Container vessels were sent for demolition…”

Figure 1: Average Indian Subcontinent scrap steel prices of Bulkers, Tankers and Containers.

Read the full report here.

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