Ship recycling grows

The American P&I Club has published a review of global ship recycling and finds that the role of the intermediary cash buyer continues to grow

The current amount of capesize tonnage on order for 2011 is estimated at approximately 103.2m. deadweight and it was anticipated that in excess of 25m dwt for scrapping would have wound up on the beaches of India, Bangladesh and Pakistan by the end of 2011.