Cido Shipping is exiting the segment for large ore carriers after selling its last two giant bulkers.
The shipowner has sold the 265,000-dwt Pacific Coral (built 1995) for scrap either in Pakistan or in Bangladesh, demolition market sources said.
The company has also offloaded the 261,000-dwt Pacific Ruby (built 1993) for recycling, although details on this transaction are unclear.
The Pacific Coral changed hands for $296 per ldt, or $11.9m. The price includes 100 tonnes of bunkers if it is scrapped in Pakistan, or 450 tonnes for Bangladeshi recycling. The ship is at anchor off Benut, Malaysia.
Hong Kong-based Cido bought the ship as a tanker named Katori from MOL for $30m. It was converted to an ore carrier in 2011.
The company did not did respond to requests for comment.
In early June, Cido sold the 277,000-dwt ore carrier Pacific Garnet (built 1995) for demolition in Bangladesh for $292 per ldt. This ship was also converted from a VLCC.
VLOC demolition prices are significantly lower than those of other Cido ships sold in deals before the market came to a halt because of the coronavirus.
In February, Cido sold the 278,000-dwt Pacific Opal (built 1995) $396 per ldt.
Cido was founded by Hyuk Kwon in 1990 and is known for strong relations with Japanese charterers. The diversified company controls about 100 tankers, bulkers and car carriers.
