Owners' organisation Bimco has revealed only two panamax bulkers were sent for scrap in 2018.
Chief shipping analyst Peter Sand said smaller ships are living longer, with recycling activity slow this year.
Only 4.2m dwt of all types of dry cargo vessels had reached shipbreakers as of 17 December, down 71.6% compared to 2017.
"An almost total halt in panamax demolitions has been an important factor behind this fall, with demolition in every ship segment down," Sand said.
