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Amid crashing freight rates capesizes start to return to scrap yards

Amid crashing freight rates capesizes start to return to scrap yards

Hong Kong: For the first time since 2006 a pair of capesizes have been sold for scrap as the Baltic Dry Index continues to plunge.
Two 140,000-dwt bulkers have been sold, one each to a Chinese and a Bangladesh interest, for scrap.
Market reports said that the 1981-built 138,166-dwt New Eastern Star was sold to a Chinese entity for $220/light ton, while the 1982-built 137,074-dwt Hebei Pioneer was sold off to a Bangladesh entity at $250/light ton.
According to the Kaiji Press the number of capesizes of 100,000 dwt or over that were sent to the scrap yards came to 7 in 2000, 12 in 2001, 10 in 2002, four in 2003, zero in 2004, two each in 2005 and 2006, and zero in 2007. This year, no such capesizes had been disposed of until when the latest two were scrap-sold. [30/10/08]



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