U-Ming Marine Transport and Polaris Shipping are both working to sell large bulkers for demolition.
Taiwan’s U-Ming is expected shortly to conclude a sale of one of its two oldest capesize bulkers.
Scrap brokers said the 175,000-dwt Cape Mars (built 2003) is being offered for sale.
The CSBC-built vessel, which has been in U-Ming’s fleet since it was new, is expected to fetch between $8m and $8.5m in a demolition deal.
The Cape Mars is not due for special survey until July 2023, and in spite of a poor freight market, it would be unusual to see such a young ship could for demolition.
U-Ming did not respond to a request for comment.
The company also owns the sistership Cape Saturn (built 2003), which is also expected to be offered for sale.
If the Cape Mars is sold, it would contribute to fleet renewal efforts by U-Ming.
The company recently took delivery of the 325,000-dwt VLOC Grand Pioneer (built 2020) from Qingdao Beihai Shipbuilding Heavy Industry. The ship was one of two ordered on the back a 25-year freight contract with Brazilian mining giant Vale.
U-Ming, which is listed with 16 trading bulkers, also has two 100,000-dwt bulkers on order at Oshima Shipbuilding in Japan.
Meanwhile in South Korea, Polaris Shipping continue has sold another pair of vintage VLOCs.
Demolition brokers said the company has sold the 305,000-dwt Stellar Ocean (built 1994) for $392 per ldt, or $14.9m, for delivery on the Indian subcontinent.
They also said the company has sold the 289,000-dwt Stellar Liberty (built 1993) to either Pakistan or Bangladesh for $393 per ldt or $18.4m.
Polaris does not comment on its scrap deals. This means the South Korean company has sold 11 large bulkers for demolition this year.
Many of the ships were acquired as part of a $600m deal in 2012, when Polaris bought 10 VLOCs from Vale with a charter back to the miner for 10 to 12 years.
