Old ship scrap rates have been falling and the dry shipping market has picked up a bit recently, which has led to a drop in demolition activity last week.
Brokers reported a few sales to India as shipbreakers in Bangladesh and Pakistan held off from signing any demolition deals despite a lot of old tonnage on offer.
Rates have softened steadily for several weeks now as breakers focus on clearing a backlog of tonnage at their beaches.
Published : September 27, 2012
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