Chile's Ultranav is reportedly sending its oldest semi-refrigerated gas carrier to the breakers as the ship's charterer does not extend its hire.
Markets sources say the owners's Ultragas subsidiary sent 15,000-cbm Andesgas (built 1991) for recycling to India.
This ship was reported sold for $455 per ldt or $3m. A new five percent import tax in Pakistan is understood to have dampened the market activity in that country.
An Ultragas representative declined to confirm the sale.
This vessel was bought from AP-Moller Maersk as Caribana in December 2007 for $43m with a bareboat charter back to the Danish owner. The vessel was due for special survey in August 2020.
Ultragas saw strong rates on the vessel. It was on charter to Fertiberia for two years at $585,000 per month, with an option for a third year. Handysize semi-refrigerated vessels were last pegged to earn $425,000 per month, Fearnleys says.
The sale would leave Ultragas with 13 semi-refrigerated gas ships with an average age of just under 11 years old, about comparable to the global fleet average age according to Clarksons data.
Most of Ultragas' vessels built after 2014 are the 22,000-cbm capacity. Its pre-2000 built tonnage is mostly under 10,000-cbm capacity, save for the 20,700-cbm Nordic Gas (built 1994).
The torching comes amid an extremely small newbuilding orderbook for small gas carriers. Clarksons lists 13 semi-refrigerated and pressurised vessels to be delivered between 2018 and 2020.
