Against a backdrop of global recession, ship demolition hits a 13-year high.
According to a new report by Clarkson Research Services Limited, ship demolition in 2009 was at its highest level in 13 years as owners scrapped aging vessels to make way for a record number of new ships being built.
It added that scrappers in Bangladesh, India, Pakistan and elsewhere bought 1,014 ships with a combined carrying capacity of 31.5 million deadweight tonnes. That’s double the 2008 tally and the most since 1996.
According to the London based Baltic Exchange, charter rates for commodity carriers as measured by the Baltic Dry Index plunged 59% to average 2,617 points in 2009 as the global recession curtailed demand for raw materials. Crude oil tanker costs lost 62%, averaging 581 points.
Read the full story here or visit the Demolition Digest blog for our own personal take on how this impacts upon skilled demolition workers.
