Dry-bulk vessel scrapping set to rise

Scrapping of aging ships that carry coal, iron ore and other commodities may rise because of an increase in new vessel deliveries starting this year.

Only eight dry-bulk ships were scrapped globally last year while 88 new vessels were delivered, resulting in a 2.6% increase to 3,164 ships across the world, Precious Shipping managing director Khalid Hashim said in a filing to the Thai stock exchange.