At one time the panamax boxship in the 3,000 – 5,099 teu range were the workhouse of the sector, but today such vessels are now being put to their grave well before their middle age.
Containership owner Seaspan Corp plunged into the red in the third quarter as it took $202.8m in impairments vessel values.
Traditional panamax-size container ships, while often thought of as a candidate to cascade into intra-Asia routes, are inapproprate for the trade lane, said MCC Transport ceo Tim Wickmann at the TPM Asia Conference 2016 in Shenzhen.
Jinhui Shipping and Transportation has continued the downsizing of its dry bulk carrier fleet as it sold the last of its two modern panamaxes.
Jinhui Shipping and Transportation has inked an agreement to sell a five-year-old panamax bulker for $12.8m to Aigaion Shipholding Company.
Singapore shipping trust Rickmers Maritime reported a second quarter loss of $55.6m, and is looking at laying-up vessels as panamax rates worsen.
Diana Shipping is continuing to lock in time charters on its dry bulk vessels despite the current extremely low rates.
As the panamax containership market remains extremely depressed a vessel of just 13 years in age is to be sent to the breakers yard.