A Norwegian shipbroker has highlighted the large number of bulk carriers sold for scrap.
Oslo-based Lorentzen and Stemoco has reported that nearly 300 bulkers have been withdrawn from the market so far in 2011.
Total deadweight is 19.6m tonnes, the largest figure on record.
The broker estimates that the final annual number will amount to more than 26m tonnes by end-December.
It suggests that weak markets in the first half of the year, together with high bunker prices have condemned most of these to the scrap heap.
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