With no sign of an imminent recovery in freight rates, owners of Capesize bulkers and very large ore carriers (VLOC) are recycling their older vessels. In a few cases, ships as young as 15 years old are also being scrapped. IHS Maritime data show that so far this year, 8 VLOCs and 12 Capesizes have been sold for demolition. Another 37 Capesizes have been demolished. A rally in the Baltic Dry index in 2013 precipitated a newbuilding rush and 145 Capesizes and large ore carriers are due to be delivered this year. US dry bulk consultancy Commodore Research said that, while Capesize rates remained unprofitable, the situation could change as more such ships are recycled. Capesize timecharter rates in the first three months of this year were USD5,625/ day on average. At May, average rates were USD4,611.
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