The continuing slump in global shipping is translating into brisk business for scrap yards at Gujarat's coastal town of Alang in India.
Alang, which receives one out of every two ships destined for breaking, has retained the top slot amid stiff competition from Pakistan, Bangladesh and China, reports TNN.
With freight rates dropping 98% in less than six months of the peak shipping period, Alang is expected to surpass the 435 ships demolished in 2011-12.
Doehle Danautic India (DDI), the largest managers of ship breakers in India, who handled 131 of the 435 vessels that were scrapped in India in FY 2012, expect that the demolition business will peak this year and continue to be good until 2015.
Source: TNN