Chinese shipyards seize the ship recycling market
The huge demolition volume of Indian ship recycling yards makes Chinese shipyards see plans to enter the field of ship recycling. A list of ships berthed at Alang shows how busy the Indian ship recycling yards have been over the past two months. There are still 21 ships awaiting clearance at Indian ports. As of now, 13 ships have been waiting to be scrapped off the coast of Gujarat this month.
One transaction involved the sale of the 1984-built 24,229-ton Cape of Good Hope bulk carrier "Zheng Yi", which was purchased by a domestic buyer at US$455 per ton, for a total of US$11 million; another 1982 6,825-ton The general cargo ship "Thor Champion" was purchased by a Chinese shipyard at US$465 per ton, with a total price of nearly US$3.2 million; the 12,478-ton bulk carrier "Theodosia" built by Halkidon Shipping in 1983 was also purchased by Chinese buyers at US$485 per ton. Purchased in U.S. dollars for a total of $6 million.
Some shipbrokers expect demolition prices to rise in the coming week. Despite the drop in demand, Indian buyers continued to offer strong interest rates for the demolition market, especially for tankers. General Marine's 1992-built 12,321-ton tanker was sold at $512 per ton, for a total price of $7.8 million.
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