| As China’s slump deepens, it’s off to the scrapyard for a growing number of global cargo ships. A drop in shipping rates amid the collapse in demand for coal, ore and other commodities has sparked a sharp rise in the number of ships yanked from the service and sold for scrap.
Almost 6 per cent of the world’s fleet of ships that carry bulk commodities will be beached and sliced up for scrap metal this year, up from 2 per cent last year and topping the recent high of 2012’s 4.3 per cent, according to Clarksons PLC, a London-based ship broker. “Business is good,” said Yogesh Rehani, director of operations at Global Marketing Systems Inc. (GMS), a buyer and recycler of ships. ..............................................Full Article: Source
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