A flood of older bulkers and container ships entering the recycling market has led to strong buying activity from the Indian subcontinent over the past week.
This availability of tonnage saw sales being concluded in the three major South Asian recycling nations of India, Bangladesh and Pakistan. Other vessels were acquired by cash buyers who are now looking for demolition bids from recyclers in these countries.
The largest bulker sold was Winning Shipping’s capesize bulk carrier Winning Joy (built 1999), which was picked up by an undisclosed cash buyer on an “as-is” basis in Singapore with 250 tonnes of fuel oil left on board.
The 173,000-dwt vessel was reportedly sold for $505 per ldt, netting Winning a total of $10.5m.
Sold to cash buyers on an as-is Colombo basis was Apeejay Shipping of India’s panamax bulker APJ Mahadeva (built 2000). The 74,700-dwt vessel was said to have been sold for $480 per ldt, or $6m in total.
Pakistani ship recyclers, who staged a comeback two weeks ago after being absent from the market for many months, bought another vessel over the past week.
Gadani-based Jamaluddin & Co acquired Lyra Shipping’s 73,900-dwt bulker Sun Shine (built 1999) for $523 per ldt, or $5.4m in total.
China’s United Wealth Shipping sold the 71,700-dwt Fine Star (built 1995) to ship recyclers in Chattogram for a reported $480 per ldt, or $4.7m, while compatriot shipowner YKJ Shipping’s 72,500-dwt bulker Ocean Success (1998) will also be recycled in Bangladesh after being sold for an undisclosed price on a delivered Chattogram basis.
Evergreen Marine Corp sold two of its older container ships for green recycling at Alang. The Taiwanese liner giant is reported to have sold the 4,211-teu Ever Devote (built 1998) for $555 per ldt, or $12m, and the 1,296-teu Uni-Aspire (built 1998) for $585 per ldt, or $4.1m.
Other container ships reported sold for recycling included Uniglobal Shipping’s 1,368-teu UGL Hongkong (built 1993), sold for $530 per ldt, or $3.7m, on an as-is basis in Sohar, while Sinokor Merchant Marine was said to have sold the 834-teu Sinokor Vladivostok (built 1998) to a ship recycling facility in Alang at $588 per ldt, or $2.46m.
Cash buyers and brokers also said in their latest market reports that two Chinese-owned general cargo ships — the 16,400-dwt Yuan Tu (built 2005) and 10,000-dwt Hua Da 606 (built 2005) — were sold as-is to cash buyers for delivery in Alang.
