Masterbulk, the Singapore-based company of Norwegian shipowner Westfal-Larsen, has sold its last 1980s-built open-hatch bulkers for demolition.
European shipbrokers said the 43,000-dwt Geiranger and Grindanger (both built 1986) have been sold for green recycling in India.
Controlled by Masterbulk since delivery, they are likely to have fetched about $3.5m each.
Masterbulk chief executive Lars Modin confirmed the sale.
“The ships shall be recycled in accordance with the requirements of the Hong Kong Convention in a specific [ClassNK]-classed yard in Alang,” he said. “This recycling will comply with the requirements of the Responsible Ship Recycling Standards, and Masterbulk will have a representative engaged at the yard to ensure that the recycling protocol is complied with, as well as all procedures applicable ... followed.”
The ships shall be recycled in accordance with the requirements of the Hong Kong Convention in a specific [ClassNK]-classed yard in Alang
Fleet partnership
Masterbulk has a fleet of 20 open-hatch bulkers, which it operates in partnership with Norway’s Saga Shipholding and Japan’s NYK Line. The partnership operates 53 such ships all told.
The sale of the Geiranger and Grindanger raises questions as to whether open-hatch carriers of a similar age now face demolition.
Saga’s oldest are the 47,000-dwt Saga Tide and Saga Wave (both built 1991). Managing director Masayoshi Kitayama did not respond to requests for comment on the duo’s fate.
Competitor G2 Ocean — created in 2016 when Gearbulk announced plans to join forces with Grieg Star to form an operation with 64 open-hatch bulkers — controls a handful of vessels built in the 1980s.
Gearbulk, which is 51% owned by Kristian Jebsen and 49% by Japan’s MOL, owns the 41,000-dwt Hawk Arrow and Kumul Arrow (both built 1985) and Ibis Arrow (built 1986).
Gearbulk did not reply to requests for comment on the status of their oldest units.
Grieg Star has three such ships built before 1990: the 43,000-dwt Star Grip and Star Gran (both built 1986) and the 42,000-dwt Star Fuji (built 1985).
Chief executive Camilla Grieg said: “We have a clear fleet strategy that always puts security, safety and quality first.
“That given makes us operate our ships until they are between 30 and 35 years old, depending on the class position.”
She said the company will sell one ship for scrap this year, one next year and one in 2021.
Grieg Star is carrying out all demolition sales through its own shiprecycling company, Grieg Green.
“We always do this in a sustainable way,” Grieg said.
