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.
Box Ships Inc has sent a 10-year-old panamax boxship to the scrapyard, way ahead of the typical 25-year operational lifespan of a ship.
Containership owner Seaspan Corp plunged into the red in the third quarter as it took $202.8m in impairments vessel values.
Thoresen Shipping Singapore (TSS) has sold a 1994-built dry bulk carrier at a price of $2.72m to the scrapyard.
Alang-based Leela Ship Recycling has become the first ship recycling facility in South Asia to receive the Social Accountability certification, as per SA8000 standards.
Container vessels of just seven to eight years old could be potential scrap candidates amidst the severely oversupplied market, according to cash buyer Wirana Shipping Corporation.