Bangla rules cut into shipbreaking

Ship demolition sales in the year to date are just half of the total volume scrapped last year, with only 17.9m dwt removed from the global fleet.

Stronger than expected chartering markets in the first half of the year dissuaded owners from selling their ageing vessels for scrap, but more important, turmoil in Bangladesh surrounding regulation imposed on ship recycling industry has significantaaay slowed demolition activity.