The demolition market is watching closely as Pan Ocean seeks to sell its oldest capesize bulker in a recycling sale.
Market sources said the South Korean shipowner is taking offers on its 149,000-dwt New Joy (built 1998) for a demolition sale.
The vessel is available “as is” in South Korea in the middle of July. The ship is expected to bring in the South Korean owner some $300 per ldt, or more than $5m.
The bulker was close to being sold at the end of February when the demolition prices were around $400 per ldt, but the sale was aborted due to the coronavirus.
Pan Ocean is a highly diversified owner listed with 87 ships that are trading plus 21 newbuildings.
The company has 29 capesizes in operation, and the New Joy is the only one built before 2000. Pan Ocean also has six large bulkers on order. The company last sold a capesize bulker for demolition in November 2017.
TradeWinds reported on Friday that Eyal Ofer’s Zodiac Maritime have sold its first large bulker in more than two years. The 265,000-dwt Guofeng Enterprise (built 1993) is sold to India, reportedly for $278 per ldt.
Last week it was also reported that South Korea’s Polaris Shipping had sold the 291,000-dwt ore carrier Stellar Samba (built 1994) and the 288,000-dwt Stellar Iris (built 1995). It appears a third Polaris ore carrier, the 301,000-dwt Stellar Knight (built 1995), also is heading for demolition. This ship appears already to have reached Chittagong, Bangladesh.
Also recently, Adam Polemis’ New Shipping has sold the 170,000-dwt bulker New Athens (built 1999) for scrapping in Pakistan.
