Shipowners are
refraining from selling older bulkers for demolition despite the depressed
freight market as there is no sign of scrap prices improving in the near term.
As imports of cheap
Chinese steel continue to flood South Asia, prices for bulkers continue to
hover at $390/ldt.
As a result, only
bulkers with leftover bunkers or a full set of spare parts can command higher
rates.
Bulk Shipping Lines'
1988-built Handysize bulker Green Field 1 was sold for $4,031,104 or $409/ldt
for demolition in Bangladesh as the vessel had a full set of spares.
Greek broker Golden
Destiny also reported that Marmaras Navigation's 1995-built Capesize bulker
Martzoukos A fetched $8,347,080 or $420/ldt as it had 300 tonnes of leftover
bunkers.
Dubai-based cash buyer
Global Market Systems commented, "It is still tough to pin down end buyers
for any significant length of time (such is the volatility in the market and
speed with which minds are changing locally).
"Despite another
dire week on dry chartering rates, the number of candidates has slowed this
week (particularly on Capesize bulkers) as several owners seemed unwilling to
cash in at the lower realities of today.
"With few signs of
light to lift the recycling sector from its current predicament, the immediate
market prospects therefore remain gloomy. Local governments will have to be
more decisive in minimizing the effect the import of Chinese billets is having
and need to promptly enforce the promised duties to bring about some greater
stability."
Source: his maritime 360.
03 February 2015
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