Scrapping of dry bulk carrier has accelerated at the beginning of the year on miserable freight rates.

At the current pace, the 2015 figure could double that of last year, warned two shipping analysts.

"A total of 55 vessels have been reported scrapped to date, including 14 Capes," said Erk Nikolai Stavseth and Kurt Waldeland, shipping analysts at Arctic in Oslo. "The combined scrapping count is 4.2 million dwt - implying a run rate of some 33 million dwt should activity continue unabated through 2015."

"Total scrapping in 2014 amounted to 16.1 million dwt, of which Capes made up only about 25 percent. Thus far in 2015, Capes scrapped make up in excess of 50 percent of total scrapped volume. However, the increased scrapping activity coincides with a steep drop in scrap steel values - leaving owners with a lower incentive to scrap - and even more clearly showing the severity of the current situation," the analysts said.

Cash buyers now offer about US$350 per ton, which is about US$100 less than what they paid for vessels sold for scrap early last year.

Meanwhile, the shipping team of DNB Markets, also in Oslo, noted that the Capesize spot freight rate hovered in the region of US$5,400 per day at the close of business on Friday. Citing figures from the Baltic Exchange, they note that the FFA market indicates a recovery later this year so that for the final quarter of the year, the FFAs price the rate at US$14,040 per day.