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Rickmers Maritime scraps seven-year old panamax boxship

Struggling Singapore shipping trust Rickmers Maritime is scrapping a traditional panamax at just seven years old.

Underscoring the massive loss in value traditional panamax boxships following the expansion of the Panama Canal Rickmers Maritime is scrapping the 2009-built, 4,250 teu India Rickmers. The vessel is three years younger than the youngest panamax containership sent to the breakers this year.

According to Vessels Value the India Rickmers is valued at $5.87m, just above its scrap value, and has lost 62% of its value in 2016. This drop is much sharper than for containerships overall which have lost 26% of their value this year.

Rickmers Maritime has a fleet of 16 panamax boxships, five of which are decommissioned.

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