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Over the past eight quarters, ship recycling of bulkers, tankers and container ships has dropped to the lowest level in 20 years. A combination of strong demand following a series of market shocks and low orderbooks have kept older ships operating for longer than usual.
An updated Report on the European list of ship recycling facilities, commissioned by BIMCO, shows progress in increasing the number of active yards on the list, but the rules still don’t reflect commercial realities and lags behind on capacity to scrap large commercial ships.
BIMCO's position has been approved by the BIMCO Board of Directors.
The Chinese government has vowed to put an end to the scrapping of ships not carrying a Chinese flag.
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