Ship recycling volumes at lowest levels seen since 2005
The continued distortion of shipping markets due to Red Sea diversions means few ships are being circulated for recycling
Recycling volumes for the first half of 2024, in gross tonnage terms, are almost 30% lower than the corresponding period in 2023. Unless there is normalisation of the Suez Canal route, this year looks set to be the lowest for vessel scrapping in 19 years