On Wednesday the sale-and-purchase market was rife with speculation that the 171,100-dwt Rubin Phoenix (built 1997) commanded $395 per ldt.
If the price tag is accurate the vessel’s owner, an affiliate of diversified Japanese operator Mitsui OSK Lines, is poised to pocket nearly $8m.
According to the VesselsValue.com portal, which believes this represents a discount of roughly $1m, the cape will likely be torched in Alang.
Late last week Compass Maritime Services told clients that more than two dozen bulkers and combination carriers with carrying capacities of 80,000-dwt or more have been binned since the start of 2015.
Herman Billung, the chief executive of Golden Ocean, quoted a similar tally during his company’s fourth-quarter conference call and argued that the total would continue to rise in the near-term.
Industry observers admit they aren’t surprised by the steady flow of capes that have landed on the scrap heap in recent weeks.
Today, several noted day rates for tonnage trading in the spot market has fallen below the $5,000 mark and argued a material rebound is unlikely in the near term.
Amit Mehrotra, an equity analyst at Deutsche Bank, described the recent flood of capes and other types of tonnage sold for scrap as a “much needed first step on the road to recovery for dry-bulk”.
In a client briefing published late last month the Manhattan-based forecaster argued that the uptick is reflection of lacklustre spot rates and the segment’s age profile.
At the time, Mehrotra pointed out that approximately 11% of the dry-bulk fleet is 21 years of age or older and noted 5.4% is more than 25.
Update: When contacted by TradeWinds about speculation surrounding the Rubin Phoenix an MOL spokeswoman would neither confirm nor deny reports that the cape was sold for recycling.
