In the article, it said that the market price for shipping capacity has dropped by 60+% in the last 2 yrs, dropping below the operating cost for the ships. Als

In the article, it said that the market price for shipping capacity has dropped by 60+% in the last 2 yrs, dropping below the operating cost for the ships. Also, not all the ships are being scrapped, but there will be lower demand for Panamax sized ships once New Panamax capacity comes online.