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PUBLISHER: Container News (

Since the end of the first half of the year, there have been 163 cargo vessels sold for demolition, a 4.5% increase on the same period in 2020 when 145 vessels were scrapped, and a 63% increase from 2019 when only 100 vessels were scrapped. These vessels had a combined DWT of 6.3 million and a minimum combined scrap value of over US$825 million.

57 of these vessels were acquired by buyers in Bangladesh, constituting over a third (35%) of all vessels sold. A total of 49 vessels were sent for demolition in India, constituting 30% of the sales. Both countries harbour strong buying appetites as their construction industries bounce back from Covid-19 lockdowns.

Pakistan trailed behind accounting for only 14% of demolition deals with a total of 23 vessels sent for scrap. This was likely due to the Pakistani rupee reaching all-time lows against the dollar, decreasing the buying power of Pakistani shipbreaking yards.

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