Have you ever looked at how many drybulkers were built annually in the 80s and early 90s? Some years, less than 5 million dwt. Saying there are 45 million dwt of drybulkers LEFT which are over 25 years old is complete and utter nonsense. That would imply NONE of them which were built in 1980-1987 have yet to be scrapped.
To put this into proper perspective, drybulk shipping barely existed prior to the 1980s. From 1987 back to 1950, 115 mdwt of bulkers were built. From September 2011 to now, there have been that many built. To suggest that there are STILL 45 million dwt left of EVERY DRYBULKER EVER BUILT, or 40% of them, since 1950 is funny as heck. That basically means there was NEVER a single drybulker scrapped prior to last year. I think somebody is putting out data that they pulled together from some bad sources.