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With 12 weeks of 2016 behind us, the dry bulk market is still looking bleak. As the current low demand for transportation of commodities continues, the market is doing what it can by scrapping old ships and restraining from ordering new ones.
In poor freight markets you might think that vessels were being recycled at a younger and younger age, but looking into the data a different story reveals itself.
“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market analysis
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