Owners of large bulkers are queuing up to sell their vessels for demolition as prices remain firm.
Another four capesizes, including two smaller ships, have been sold for scrap during the past week.
Cosco of China has reportedly sold the 132,000-dwt Jimrich (built 1982) for recycling in Bangladesh for $508 per ldt or $8.8m.
The ship last changed hands for $17m in 2004. Last month, Cosco sold both the 177,000-dwt Sealink Majesty (built 1982) and 170,000-dwt Jia Fu Star (built 1985) for demolition.
Far Eastern players dominate on the owner side of the scrapping scene. Highly diversified Today Makes Tomorrow (TMT) appears to be exiting the investment of a converted aframax tanker that will not go down as the company’s best deal. The 100,000-dwt bulker Iron Monger 6 (built 1990) is said to also have been sold into Bangladesh for $512 per ldt or $8.8m. TMT bought the ship as Rose from Dynacom in 2007 for $30m plus conversion costs.
The Ofer group has again jumped on the scrap bandwagon, with the reported sale of the 151,000-dwt Cotswold (built 1986). The vessel has gone to Bangladesh for $522 per ldt or $12.7m. In January, the group sold the 142,000-dwt Kyushu Star (built 1982) for demolition.
Another Chinese player, Fujian Ocean, has sold the 107,000-dwt Zheng Feng (built 1986) to China for $452 per ldt or $8.1m.
These four sales lift the number of capesizes sold for recycling this year to 41.