Panamax demolition has slowed to a trickle as time-charter earnings have picked up, says Braemar ACM Shipbroking in its quarterly report.
The number of boxships sent for torching in the third quarter dropped to just 30 ships of 59,000 teu, down from 113 totalling 311,000 teu in the first six months, the broker says.
The drop-off is largely attributed to the revival in panamax rates from $7,500 per day in the first quarter — when 24 units were demolished — to more than $10,000 per day in the third quarter, when only two panamaxes were sold for scrap.
The
