DEMOLITION of containerships has reached an all-time high of 500,000 twenty-foot equivalent units (TEUs) in 2016 so far, a positive sign that the overcapacity in the industry is being reduced, maritime association Bimco reported last week.
ShIP DEMOLITION AT RECORD LEVELS A Pakistani shipyard worker pulls on a wire attached to a motor that will help peel away part of the outer structure of a beached vessel being dismantled in one of the 127 ship-breaking plots in Gaddani, Pakistan. Maritime association bimco said that more than 500,000 TEUs (twenty-foot equivalent units) of capacity have been scrapped so far in 2016, a record pace that is helping to reduce the shipping industry’s overcapacity. AFP PhOTO