Monday, November 19, 2012

[Marine] All-time high scrapping "Hopeful"

All-time high scrapping "Hopeful"

It would be favorable news to global shipbuilders that 2012 will set a new highest record of demolition.

With growing replacement demand fro eco-design newbuildings, Korean shipyards, in particular, with leading capacity to build eco-friendly vessels, are predicted to gain a benefit the most.

According to Clarkson, during the first nine months of this year, global demolition recorded 44.1m dwt (960 vessels), having already exceeded all-time highest record of 42.6m dwt, posted in 1985, as well as last year's 42.4m dwt.

On a yearly basis, around 57m dwt is expected to be sold for scrap. Also, scrapping ages grew down to 27.8 years this year from 2011's average of 30.4 years.

In case of bulker segment, 25.4m dwt headed towards scrapping facilities during January-September period, accounting for 57.6% of overall demolition. The figure is expected to reach 32.3m dwt by the end of 2012.

As for tanker segment, during the same period, 9.2m dwt has been sold for demolition, while 12.4m dwt is estimated to be scrapped for this whole year.

Moreover, a total of 7.6m-dwt specialized vessel, such as boxship, gas carrier, offshore-related vessel, etc., have been sold for scrap from January to September. On an annualized basis, the total is prospected to grow up to 10m dwt.

Industrial specialists forecast that demolition of less profitable older vessels will continue for a while, due to cost pressures from high oil prices.

Published : November 16, 2012

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