Bangladeshi ship recyclers have kick-started the year with a slew of demolition deals that include tankers and bulk carriers.
Headlining arrivals making the breakers' beach at Chattogram their final destination is an older Maran Tankers Management VLCC.
The John Angelicoussis-controlled company’s 310,000-dwt Maran Gemini (built 1999) is awaiting paperwork and the next beaching tide, according to ship recycling sources. It was renamed Gema for its final voyage.
TradeWinds reported in December that the ship had been sold on an "as is" basis in Singapore for $19m. At the time, there were strong market suggestions that the ship might have been sold for a storage role.
The Maran Gemini was one of three South Korean-built VLCCs that Maran sold in the final month of 2020.
The 306,000-dwt Maria (built 2000) was sold to Mercuria Energy Group for $19.5m and subsequently handed over to a single-ship entity called Jupiter M Shipping as the Jupiter.
Sources at the time said the vintage vessel would be mainly used for trading but could also be used for storage and bunker blending.
The third VLCC, the 310,000-dwt Maran Regulus (built 2000), was sold to undisclosed interests for $21m. Under the shortened name of Regulus, it sailed from the Teluk Semangka anchorage in Indonesia, where it had been on long-term charter to Indonesian oil major Pertamina as a storage vessel. It arrived off Piraeus on 7 January.
The IHS database indicates that the vessel has been renamed Niki, although a change of ownership has yet to be recorded.
Elderly product tankers
Soon to join the Maran Gemini on the beach at Chattogram are two elderly product tankers believed to be Taiwanese owned.
The oldest, the 19,100-dwt product tanker Knight (built 1987), is currently at Kaohsiung, where TradeWinds is told it is being prepared for delivery to cash buyers in Singapore.
The vessel's ownership is difficult to determine. Various vessel databases have been unable to pinpoint its owner, listing them as unknown since it was acquired from an entity called Innovative Ukraine in 2016.
It is unclear whether that unknown owner is linked to Taiwanese shipowner Ken Fong Shipping, which has also sold the 11,000-dwt product tanker Count (built 1997) for recycling in Bangladesh.
That both ships were are currently at Kaohsiung, and were sold on an "as is" basis in Singapore for $395 per ldt suggests there may be a link.
Ken Fong Shipping could not be reached for comment.
Converted VLOC faces the chop
Bangladeshi recyclers have also had strong success picking up several bulk carriers, the largest of which is Sinokor Merchant Marine’s 267,900-dwt VLOC Sinotrader (built 1993).
Brokers have reported that the giant bulker, which was converted from an SK Shipping VLCC in 2008, was sold for $442 per ldt, or $17.1m.
Dry bulk sources said the Sinotrader had been laid up in Brunei Bay since May 2020. Its demise is part of a larger industry-wide clear-out of older, converted VLOCs.
TradeWinds has approached Sinokor for comment through its general affairs department and legal representatives.
In the smaller sizes, another three bulker carriers and a general cargo ship have also been sold for recycling in Bangladesh.
Bangladeshi shipowner Ocean Victory Shipping Lines has sold its 44,000-dwt bulker Crown Victory (built 1994) for an undisclosed price. The vessel was on Tuesday anchored off Chattogram awaiting beaching.
Hong Kong-registered Fujian Marine has sold the 75,500-dwt bulk carrier Wuyi HK (built 1995) for $478 per ldt. The sale is believed to have been concluded at the end of the first week of the new year and the vessel has yet to depart China.
Huaxin Shipping of China has sold the 44,100-dwt bulk carrier Jian Hui (built 1997) for $470 per ldt. It departed China on 2 January.
Channel Islands company LS Assets has sold the 29,800-dwt general cargo ship Dalian (built 2004) for a reported $480 per ldt. It is expected to arrive in Chattogram on Wednesday.
Demolition broker Ed McIlvaney said in December that Bangladeshi recyclers had a “thirst for tonnage” after a short-lived cartel scheme to lower prices saw imports drop as owners sent their ships to India and elsewhere.
