Euroseas said has sold one of its older container ships for $14.2m, with market sources indicating that it is heading for demolition.

The owner of 17 vessels has offloaded the 5,610-teu intermediate boxship Akinada Bridge (built 2001) to an undisclosed cash buyer of ships for demolition, according to VesselsValue.

Aristides Pittas-led Euroseas plans to deliver the ship, which was built by Hyundai Heavy Industries, in January 2023.

Initial reports of the sale from VesselsValue indicated it was headed for demolition in Pakistan, but vessel tracking data now show Alang in India as its destination.

The ship has a market value of $34.4m and a scrap value of $13.6m, VesselsValue data shows. It is not immediately clear why the vessel is being sold at demolition levels.

Scrapping prices for feeder and intermediate boxships headed to India are slightly lower than they were a year ago.

Feeder ships were fetching $5.6m on average in December, down from $6m a year ago. Intermediate vessels were getting $9.8m on average in the same month, compared to $10.4m a year earlier.

Euroseas’ fleet consists of three feeder boxships that were built in the late 1990s, seven feeder vessels built between 2001 and 2007 and and seven intermediate vessels built between 2005 and 2009.

Euroseas posted a $25.2m third-quarter profit in November that was triple the year-ago result, but chief executive Aristides Pittas warned that supply will grow because the orderbook is 29% of the existing fleet.

Euroseas has nine ships on order from South Korean shipbuilder Hyundai Mipo Dockyard for delivery to the end of 2024. They are made up of three 1,800-teu boxships and six 2,800-teu container ships.