11 July 2012

GMS report on China shipbreaking industry for WEEK 27 of 2012:

Prices remained surprisingly steady in China after the volatility of previous weeks, and perhaps off the back of this, some interesting sales were concluded.

NYK of Japan sold two of their younger capesize bulkers in the clearest sign yet of an industry really struggling from dire freight rates and over capacity.

The 1997 built SHAGANG SUNRISE (24,896) is the youngest capesize bulker to be scrapped so far, and at just 15 years of age, could be a sign of things to come. The STELLAR FORTUNE (17,519) has been similarly sold for guaranteed green recycling into China from the same owners.

Source: 11 July 2012

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