Hebei Ocean Shipping Group chairman Gao Yanming urges bulk carrier owners to sell more ships for demolition to help reduce fleet overcapacity.
He suggests that all vessels over 23 years old should be removed from service. 
Selling elderly tonnage for recycling was “a must” in view of the downwards pressure vessel oversupply has put on the dry bulk chartering markets over the past year, but also as newbuilding vessels continue to be delivered into service from Asian shipyards.
“I think vessels over 20 years old should be [a] demolishing candidate while those over 23 must be demolished with no hesitation,” Mr Gao said.
He added it was “quite unsuitable” for owners with vessels over 25 years old to still be trading them.