a fleet of eight mini-bulk carriers and five small Handysize bulk carriers, and Cornships Management and Agency Inc. in Turkey owns a fleet of seven mini-bulk carriers. Builders Asian companies dominate the construction of bulk carriers. Of the world's 6,225 bulk carriers, almost 62% were built in Japan by shipyards such as Oshima Shipbuilding and Sanoyas Hishino Meisho. South Korea, with notable shipyards Daewoo and Hyundai Heavy Industries, ranked second among builders, with 643 ships. The People's Republic of China, with large shipyards such as Dalian, Chengxi, and Shanghai Waigaoqiao, ranked third, with 509 ships. Taiwan, with shipyards such as China Shipbuilding Corporation, ranked fourth, accounting for 129 ships. Shipyards in these top four countries built over 82% of the bulk carriers afloat. Freight charges Several factors affect the cost to move a bulk cargo by ship. The bulk freight market is very volatile, and it fluctuates, along with the type of cargo, the ship's size, and the route traveled all affect the final price. Moving a capesize load of coal from South America to Europe cost anywhere from $15 to $25 per ton in 2005. Hauling a panamax-sized load of aggregate materials from the Gulf of Mexico to Japan that year could cost as little as $40 per ton to as much as $70 per ton. Some shippers choose instead to charter a ship, paying a daily rate instead of a set price per ton. In 2005, the average daily rate for a Handymax ship varied between $18,000$30,000. A Panamax ship could be chartered for $20,000$50,000 per day, and a Capesize for $40,000$70,000 per day. Ship breaking Generally, ships are removed from the fleet by going through a process known as ship breaking or scrapping. Ship-owners and buyers negotiate scrap prices based on factors such as the ship's empty weight (called light ton displacement or LDT) and prices in the scrap metal market. In 1998, almost 700 ships were scrapped in places like Alang, India and Chittagong, Bangladesh. This is often done by 'beaching' the ship on open sand, then cutting it apart by hand with gas torches, a dangerous operation that results in injuries and fatalities, as well as exposure to toxic materials such as asbestos, lead, and various chemicals. Half a million deadweight tons worth of bulk carriers were scrapped in 2004, accounting for 4.7% of the year's scrapping. That year, bulk carriers fetched particularly high scrap