Ship recycling bogged down as monsoon period is in full swing.

The ship recycling activity has been slow so far, with minimal transactions. In its latest weekly report, shipbroker said that "market conditions are rather sluggish this week where few, if any, transactions are being negotiated, creating a sluggish vibe within the recycling community. The slow feel for the year is highlighted by the fact that not a single VLCC/Suezmax/Aframax conventional tanker unit has been sold for recycling in the first 7 months of this year, a feat not seen since 1970. This is attributed to the ever-growing 'dark' tanker fleet, which has sucked all candidates away from the recycling market over the past two...