The shipping market is weak and it is wise to replace older and inefficient vessels, said delegates at SeaAsia, a three-day conference and exhibition held at April 21-23 in Singapore.

"Indian yards are likely to scrap much higher number vessels than about 350 scrapped in 2014," said Zafer Gungor, ship repair and conversion manager at Sefine Shipyard which is building five new ships this year.

India will benefit from the large volume of ship demolition as it needs to increase supply of scrapped metal for melting into steel and meet massive demand for iron and steel products from the infrastructure development programmes announced by the government.

Comparatively, Turkish yards are expected to demolish about 500 ships, but most of these would be of smaller sizes with lower deadweight tonnage, Zafer said.

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