Ship Scrapping Up 5% In 2Q

Tanker scrapping shot up while the disposal of bulk carriers diminished as the total deadweight tonnage of ships sold for demolition rose by five percent in the second quarter of this year from the first quarter. Approximately 7.7 million dwt of ships were scrapped in the second quarter, up from nearly 7.4 million in the first. Tanker scrapping in the second quarter increased by 27.5 percent to 3.7 million dwt although the number of vessels stayed the same at 29. Dry bulk carrier sales for demolition fell by 13 percent to 92 vessels of 3.4 million dwt from a previous 104 of 3.96 million dwt.