en.Wedoany.com Reported - Global ship demolition activity remains low as high freight rates encourage shipowners to continue operating older vessels rather than opting for scrapping.

Against the backdrop of an overall sluggish shipbreaking market, several notable transactions have recently emerged. A Norwegian shipowner has sold three high-specification chemical tankers to Indian shipbreakers; these vessels are typically used for transporting chemicals.

Meanwhile, in the LNG carrier sector, Sinokor has sold the steam-powered 'Hongkong Energy' to a cash buyer. Demolition sales for bulk carriers are also showing a downward trend, as the strengthening Baltic Dry Index encourages older vessels to remain active in the trading market.

The global shipbreaking market is significantly influenced by the freight market. High freight rates incentivize shipowners to extend vessel operating lifespans, thereby reducing demolition activity. The sale cases of chemical tankers and LNG carriers indicate that, despite an overall weakening in shipbreaking demand, transactions for specific vessel types are still taking place.

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