07 February 2015

Veteran bulkers dominate demolition market

The scrap market for bulkers remains active both for capesize and panamax tonnage, with the scene dominated by 1990s-built units.

Greek owner Dianik Bross has sold the 65,000-dwt panamax bulker Steel Titan (built 1991) with options to the Indian subcontinent for $422 per ldt, or $5m — slightly more than the $4.9m the company paid for the ship as Hellenic Sea in July 2012.

It is the oldest vessel in the company’s five-strong fleet, which consists of bulkers built between 1991 and 2002.

The low-key outfit aims to grow its fleet with more modern ships and it now appears it was the buyer of the 51,000-dwt Evian (renamed Steel Courage, built 2002), which was sold to a Greek buyer for $12.5m in March last year.

In the panamax segment, Royal Marine Shipmanagement of Singapore has sold the 75,000-dwt Dal Va (built 1994) to Pakistan, where it is likely to have fetched $4.7m.

The owner bought the ship as Jindal Varad as late as September last year for $5.8m.

US-listed Star Bulk Carriers has sold the 69,000-dwt Star Tatianna (built 1993) for demolition, probably for around $4m. Last month, it sold the 70,000-dwt bulker Star Julia (built 1994) for scrap.

These sales mean at least nine panamax bulkers have been sold for demolition so far this year.

Meanwhile, India’s Salgaocar has sold the last ship in its fleet, the 90,800-dwt mini-capesize India Coal Maru (built 1995), for recycling in Bangladesh for $396 per ldt, or $5.8m.

This disposal means at least nine capesizes have been sold for scrap so far this year.

In the tanker sector, the over-aged, 74,000-dwt floating, production, storage and offloading (FPSO) unit Banio (built 1961) has been sold. It had been in the fleet of Shell and was expected to arrive at Alang, India, this week.

Source:  trade winds.

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