Ship-Scrapping Prices Plunge in Buyer’s Market: Freight

Scrap prices for dry-bulk ships have plunged 13 percent in the past year as oversupply and unprofitable charter rates prompt owners to demolish vessels at a record pace.

Shipbreakers paid about $425 a ton for commodity carriers last month, compared with $490 a year earlier, based on Clarkson Plc data. The tonnage sold in the first half rose 25 percent from a year earlier to 16.2 million tons, according to Clarkson, the world’s biggest shipbroker.