The container market collapse is in full view with ships heading for scrap and other vessels taking the long way back to Asia via the Cape of Good Hope to soak up capacity.
Both Clarksons and Braemar are reporting that several smaller containerships have been circulated in the recycling market this week.
“The trickle of vessels entering the market for recycling is starting to grow,” brokers Braemar noted, counting 14 vessels seeking offers for scrapping as of Monday.
“While a deluge of containerships is not expected at this stage, particularly in the larger sizes, it is still encouraging for recyclers to finally see some more units come to the table,” Clarksons Research suggested, stressing that these first scrappings were an “indicative sign that the container bubble has finally burst”.
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Reference: Sam Chambers, " Container market collapse sees first ships heading for scrap", Splash247.com Dec 12th, 2022