Rising rates in the dry bulk sector have dashed hopes of a year-end feast for ship recyclers on the Indian subcontinent.
Recycling sources told TradeWinds that although bulker owners were contemplating scrapping older vessels at the end of November, they have switched their attention to trading amid a spike in spot rates.
Rohit Goyanka of Singapore’s Star Asia Shipbroking said: “Daily spot capesize rates have surged by over threefold within just one month, reaching levels not seen since October 2021, dragging the other dry bulk carriers along as well.
