Dry-Bulk Vessel Scrapping May Quadruple This Year, FIS Says

Scrapping of ships carrying dry-bulk goods such as coal and iron ore may quadruple this year and still leave the market oversupplied with vessels, according to Freight Investor Services.
Demolitions would have to surge to 30 million deadweight tons of fleet carrying capacity in 2011 to restore supply and demand “to anything like balance,” according to research documents from FIS, a London-based broker of shipping derivatives. Scrapping eliminated 6.8 million tons of capacity last year, the papers show.
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Source: Bloomberg