WORLD shipping should anticipate an extraordinary surge of scrapping with 15,000 vessels headed for the ship breakers in the next 10 years, according to BIMCO the big owners group, reports Bloomberg.
In the last 10 years, 7,780 ships with a combined deadweight capacity of 285 million tonnes were sent for recycling, said BIMCO.
Ships built since 2000 will drive of recycling. Considering the 65 per cent rise in tonnage during the 2010s, recycling levels could continue to climb over 20 years, said BIMCO.
Fifty per cent of bulk carriers, tankers, and container ships are scrapped after 25 years of service with an 90 per cent dismantled before they are 35 years old. That translates to 15,000 ships of 600 million deadweight tonnes to be scrapped before 2032.
BIMCO notes that India and Turkey, two prominent ship recycling nations, both utilize electric arc furnaces extensively for steel production. In the past five years alone, the two countries accounted for recycling 25 per cent and 34 per cent of the world's ship deadweight capacity and number of ships, respectively.
Bangladesh, the largest ship recycling country globally, and Pakistan, also contribute significantly to the industry, collectively recycling 96 per cent of deadweight capacity and 77 per cent of ships.
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