25 Oct 2013 Last updated at 03:28:49 GMT
ATHENS (Scrap Monster) : The industry experts who gathered at the Marine Money Conference, held on 16th October in Athens, have predicted a reduction of 20% in ship breaking activity in entire 2013 over the previous year. The ship breaking activity had touched record high in 2012.
According to latest available industry data, the ship breaking activity in India during the initial nine month period of the current year is only around 2.35 million LDT. The figures are significantly lower when compared with 4.4 million LDT recorded during the entire year 2012. The total number of vessels received until September this year is just 250, considerably less when compared with 500+ received during the entire year 2012.
The ship breaking activities in Bangladesh and Pakistan are anticipated to drop by nearly 20% in 2013 year-on-year.
The ship breaking industry had seen a dramatic growth over the four years from 2009 to 2012, with annual turnover of demolition market surging almost 6 times. But, the latest figures for the current year suggest a drastic slowdown so far this year.
Author: Paul Ploumis