Greece is positioned first this year among the countries, which are scrapping their dry bulk tonnage, VesselsValue statistics showed.

Greek shipowners sent for scrap 54 ships, a total of 4,984,500 DWT - 20 Capesizes, 18 Handies and 16 Panamax cargo ships.

The Balkan country is followed by China, taking the second position with 4,025,500 DWT. The country sent for demolition 71 smaller bulk carriers, including 29 Handies, 17 Panamaxes, 17 Handymaxes, 7 Capesizes and 1 Post Panamax.

Third in a rоw are the Singaporean shipowners recording 1,460,000 DWT equal to a total of 11 bulk carriers that were sent for dismantling. Singapore’s old tonnage includes 7 Capesizes, 3 Handies and 1 Panamax bulker.

For the first half of 2015, the dry bulk demolition activity is approximately 3.3 million DWT per month, which according to BIMCO’s data is equal to 20 million DWT.

Peter Sand, BIMCO’s Chief Shipping Analyst says:

“As the year progresses, BIMCO expects the demand side to get stronger in connecting with rising volumes. This should positively impact the market conditions but at the same time also limit the demolition activity. In line with our recent adjustment of expectations for demolition activity in 2015, we do not see a new record year in spite of the strong start of the year.”