Strong freight markets subdue recycling as high-value chemical tankers sold for scrap
- Global ship recycling remains muted as firm freight rates continue to incentivise shipowners to keep ageing vessels in operation rather than scrap them
- However, several notable transactions have taken place of late with Norwegian owners selling three high-specification chemical tankers to Indian recyclers
- In the LNG sector, Sinokor has sold the steam-powered Hongkong Energy to cash buyers
Sales of bulk carriers for scrap have especially taken a downturn, as a firmer Baltic Dry Index has encouraged continued trading of vintage ships
