Subscribe to RSS feedCapesizes scrapped as rates fall
Indian breakers purchased two more large bulk carriers last week and brokers said more could follow as capesize freight rates slumped against rising demolition prices.
Grace N: sold for scrap
The 1981-built, 22,693 ldt capesize bulker Mercedes, operated by Polembros Shipping, was reported sold to an Indian buyer on an "as is" basis in North China for US$383 per ldt, or nearly US$8.7m.
Given delivery costs to India, the price to the final buyer is likely to exceed US$405 per ldt, the rate fetched by the last capesize sold for scrap in India.
In a second notable dry demolition deal, the 1983-built, 30,758 ldt bulk carrier Grace N, operated by Neu Seeschiffahrt, was reported sold to an Indian buyer on private terms.
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