Demolition market under pressure as rates decline.

The current freight rate crisis across most markets could offer a solid opportunity for ship owners to sell some of their older ships and alleviate tonnage oversupply issues. However, over the course of the past week, prices offered by scrapyards have also started to retreat. The shipbroker Clarkson Platou Hellas said that the market has been awash again this week with varied large dry units being circulated and, not surprisingly, sales concluded earlier in the year are now surfacing showing the full extent of the busy start to the year in this sector.

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