Breakdown of the vessels by ship type is eight capesizes (with capacity above 100,000 dwt) of 1.43 million dwt, 10 handymaxes (40,000-59,999 dwt) of 480,000 dwt and 112 handysize bulkers (10,000-39,999 dwt) of 3.11 million dwt.

While the volume of scrapped handymaxes and larger bulkers slowed down a little, that of handysize bulkers stayed high.

As regards completions, 22 capesize newbuildings of 4.05 million dwt, 31 panamaxes of 2.47 million dwt, 60 handymaxes of 3.34 million dwt and 37 handysize bulkers of 1.03 million dwt were completed in January-May this year.

Based on the figures, the volume of handymaxes and larger bulkers exceeded the volume completed during the period. The volume of handysize bulkers demolished far eclipsed that of those completed apparently because the ratio of superannuated ships was high and also because some of them were being replaced by handymaxes.

Since the beginning of 2009, the volume of demolished bulkers has remained at high levels. Bulker demolition is expected to slow down in the months ahead particularly among large bulkers on the back of a surge in the dry bulk market since May.

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