The prospects of ship-breaking industry depend on the supply of vessels for scrapping which in turn is dependent on the global demand for seaborne transport. Currently, the global shipping industry continues to remain under pressure, with the top shipping companies reporting losses. The Baltic Dry index has declined 90% since its peak of 11,793 in 2008. Consistently, low freight rate is further likely to compel more ship owners to scrap ships, especially the big oil tankers.
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