China is taking a far greater share of the ship recycling market, accounting for more than one in five ships recycled in the first half of the year.
The Chinese market share has risen from 7.7% in 2005 to 21% in the first half of 2012, analyzed Clarksons.
According to Clarksons, “With an advantage in that its quayside methods of demolition do not attract the same controversy as the beaching methods used in the Indian Subcontinent. In consequence, Chinese demolition volumes have been expanding recently."
Meanwhile, 28.3m dwt of vessels were scrapped in the first half of the year worldwide, already in excess of the total volume in full-year 2010.