Approximately 113 dry bulk vessels were delivered in April, 10 more than were delivered in March. April saw the delivery of 24 handysize vessels, 30 handymax vessels, 32 panamax vessels, and 27 capesize vessels. In comparison, March saw the delivery of 27 handysize vessels, 23 handymax vessels, 36 panamax vessels, and 17 capesize vessels.

Approximately 36 dry bulk vessels were demolished in April, a moderate decrease from 52 vessels demolished in March. April saw the demolition of 10 handysize vessels, 9 handymax vessels, 7 panamax vessels, and 10 capesize vessels. In comparison, March saw the demolition of 22 handysize vessels, 12 handymax vessels, 12 panamax vessels, and 6 capesize vessels.

The 10 capesize vessels demolished last month were the largest amount scrapped since May 2011 (a record 12 capesize vessels were scrapped in May 2011). Going forward, we continue to believe that prospects for a quicker recovery in the capesize market rest on the large amount of existing capesize vessels built between 1990 and 1993.

In the last two weeks, 7 more capesize vessels have been scrapped, which puts this year’s current capesize demolition total at 35 vessels. Of those 7 capesize vessels scrapped during the last two weeks, 4 were built between 1990 and 1993.

Our database shows that the current capesize fleet contains an additional 201 vessels built in 1993 or earlier, including 134 capesize vessels built between 1990 and 1993. Prospects for a quicker recovery will continue to partially rest on whether early 90‘s capesize vessels are scrapped. It is very encouraging that a large amount of early 90’s capesize vessels continue to be scrapped.