Prospect of a recovery in the multipurpose (MPP) and project sector remains unlikely in the next two years, according to Drewry.

It has downgraded its forecast for the sector as a result of weaker projected global economic growth, greater competition from dry bulk and container sectors, as well as slower ship demolitions.

Despite an ageing fleet of vessel designed to carry project cargo and breakbulk, there were few sales for demolition in the first half of the year.