Box Ships sends 10-year-old boxship for demolition

“Box Ships has sold the Box Queen, for demolition purposes, to an unrelated third party. The vessel was delivered to her new owner on 31 October 2016,” the company announced to the stock exchange. Financial details of the deal were not disclosed.

The Liberia-flagged Box Queen was built in 2006 and has a capacity of around 4,500 teu.

In September, another 2006-built, 4,546-teu boxship was also sold for scrap, according to data from cash buyer Wirana Shipping Corporation.

The lower age profile of vessels sent for demolition came on the back of the market’s tonnage glut, suppressing down freight rates and leading to low earnings for operators.