The total capacity of containerships scrapped from January to August this
year has fallen to only 95,000 teu, compared to 323,000 teu in the
corresponding period of 2014. Only 54 cellular containerships have been
scrapped so far this year, with an average size of 1,765 teu and average age of
23 years. By contrast, a total of 130 ships were scrapped in the first eight
months of last year, with an average size of 2,505 teu at 22 years.
Steady demand in the second hand market has saved some of the older ships
from the breaking yard. This includes tonnage initially intended to be sold to
scrap buyers, but eventually acquired for further trading, taking advantage of
the mini-recovery in the charter market earlier this year. In June, one such
ship, the 1,055 teu CAPE SOUNION (built 1996), was even resold by a scrap buyer
who had purchased her in December last year.
Despite earlier plans to recycle the ship, the vessel was subsequently
retained for further trading before she was acquired by MSC. The fall in scrapping
figures is also related to tumbling scrap prices, down from a high of $500 per
light displacement ton (ldt) last year to only $320/ldt currently, while
average charter rates are 30% higher so far this year. Illustrating this trend,
of the 16 Hapag-Lloyd containerships (dubbed ‘Old Ladies’) that the company
announced it was planning to dispose earlier this year, only five were actually
sold for scrap.
The remaining 11 vessels were acquired for further trading. This included
nine units aged 20 years or more, reflecting the continued market demand for
older tonnage.
Source: Hellenic shipping news. 10 September 2015
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