More than 30 Capesize bulkers will be scrapped in 2015, according to IHS Maritime's Sea-web.com data.

The data show that 21 Capesizes have already been demolished, while another 11 have been sold for demolition.

As the Baltic Dry Index (BDI) shows no sign of a sustained recovery in the short term, shipowners have been recycling older Capesizes. 27 Capesizes were recycled last year.

As of March 25, the BDI assessed daily Capesize earnings at US$4,320, an amount grossly insufficient to cover operating costs. China's sluggish coal demand and an oversupply of ships have caused freight rates to dive.

Some shipowners, such as Mitsui OSK Lines (MOL), Hyundai Merchant Marine (HMM), Ceres Shipping, Eastern Pacific Shipping, COSCO, Sinokor Merchant Marine, and Anangel Shipping Enterprises, have sold two or more Capesizes for demolition.

Data from IHS Maritime's Sea-web.com show that MOL sold 1990-built Mona Liberty and 1996-built Rubin Phoenix, HMM sold 1988-built Hyundai Prosperity and Hyundai Universal, Anangel Shipping Enterprises sold 1991-built Anangel Pride and Anangel Solidarity, while Ceres Shipping has recycled 1995-built Aquadonna and 1997-built Aquahope.

Eastern Pacific Shipping has recycled five ships: 1996-built Irfon, Fernie, and Heythrop; 1993-built Cape Eagle; and 1995-built Cape Osprey.

COSCO has recycled 1997-built Tianshenghai and has sold 1998-built Tian Fu Hai for recycling.

Sinokor Merchant Marine has recycled 1995-built Silver Mariner, while the same-age Silver Merchant has been sold for demolition.

Brazilian miner Vale has also recycled one of its Capesizes, 1985-built Ore Tubarao.