Ships being scrapped as Baltic Dry Index falls

``Around 16 ships were sold for scrap last week totaling 1.6M tons. This more than offset 9 new deliveries, translating to a net reduction of 7 vessels... Year-to-date scrapping is up 80% versus same time last year... It's bad news, as it means that ship owners expect demand for cargo transport to remain weak long into the future. And they're generally very good at predicting trends in global trade.''