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Scrapping hits 507,000 TEU in 2016, tops 427,000 TEU record in 2013

A RECORD number of containerships have been scrapped this year as owners counter overcapacity and rock-bottom freight rates, reports London's Daily Telegraph.

Scrapping hits 507,000 TEU in 2016, tops 427,000 TEU record in 2013

A RECORD number of containerships have been scrapped this year as owners counter overcapacity and rock-bottom freight rates, reports London's Daily Telegraph.

Scrapping hits 507,000 TEU in 2016, tops 427,000 TEU record in 2013
19 October 2016 - 20:38

Scrapping hits 507,000 TEU in 2016, tops 427,000 TEU record in 2013
A RECORD number of containerships have been scrapped this year as owners counter overcapacity and rock-bottom freight rates, reports London's Daily Telegraph.
So far this year 147 vessels, totalling 507,000 TEU, have been sent to the shipbreakers compared to 185,000 TEU last year, new data from Braemar ACM shows.
This year's total beats the 427,000 TEU scrapped in 2013, as owners turn to shipbreakers to rid themselves of excess tonnage despite rock bottom steel prices.
Jonathan Roach, analyst at Braemar, said: "We're expecting 700,000 TEU of capacity to be added this year and with between five and six per cent of the global fleet idle the industry is in a very difficult place. 
"It's likely the industry will see consolidation next year as larger players take advantage of their size over the smaller lines," he said.

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