Greek bulker owner Bulkseas Marine Management has disposed of its oldest ship amid a modest rebound in prices for demolition in Bangladesh.
The company has sold the 72,000-dwt Rigel (built 1998) for scrap.
The 23-year-old bulker has gone for $449 per ldt, or $4.5m, in a deal that will see it scrapped in Bangladesh, according to a weekly report by GMS.
Bulkseas had bought the Rigel from a Japanese buyer in August 2013, when it was the CS Queen, for $8.8m.
The move comes as GMS, a cash buyer of ships for demolition, assessed Bangladesh prices for a bulker at $425 per ldt, up from $420 a week earlier.
But the firm said deals are hard to conclude for demolition in the country because of uncertainty, with some ship-breakers trying to renegotiate deals done at previously higher prices.
For low-profile Bulkseas, controlled by Stavros Meimetis, the Rigel sale comes after moves last year to expand its fleet with newer and slightly younger ships.
In August, it paid $12.5m for the 83,000-dwt Ikan Bagang (built 2009), which has been renamed Vela Star.
In November, the company followed up, buying a second kamsarmax — the 82,000-dwt Leda (built 2013) — from Mitsubishi Corp for $16.7m. This vessel is equipped with ballast treatment system.
The Leda, renamed Perseus, is not due for special survey until November 2023.
The shipowner is listed with a fleet of 10 ships, ranging in size from supramaxes to capesizes, that are on average 17 years old. Bulkseas did not respond to requests for comment.
Eric Martin contributed to this story
