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Tuesday, 04/04/2023, 10:41 (GMT +7)
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Trade in old container ships for recycling around the world slows down
Many shipping lines are intending to pursue market share despite the adjustment in freight rates, continuing to charter container ships, causing high charter rates and slowing ship demolition plans.
Ship recycling (Photo: MaritimeFairTrade)
The forecast of a wave of old container ships being sold for demolition is no longer the same. Shipping lines are intending to pursue market share despite the adjustment in freight rates, continuing to charter container ships.
This has pushed up charter rates and slowed down ship owners' demolition plans.
Clarksons' Shipping Intelligence Weekly reported that in all of March, only two container ships, the MSC Veronique 2,450 TEU built in 1989 and the Vasi Star 1,694 TEU built in 1996 by Vasi Shipping, were sold for scrap.
Meanwhile, five container ships were sold for demolition in February, while in January, Taiwanese shipping line - Wan Hai Lines - sold 10 old ships in a recycling transaction.
Clarksons commented: "The supply of tonnage to the ship recycling market has slowed considerably, with only a handful of units currently being circulated. However, there is speculation that some of these units will instead be sold on for further trading amid some improving shipping market conditions."
The world's largest shipping brokerage noted that last week, the Taiwanese shipping line - Evergreen Marine Corporation - offered for sale two 5,652 TEU ships, manufactured in 1999, Ever Unific and Ever Uberty.
“However, some reports suggest there are buyers interested in the vessels for further trading; it is yet to be seen if the ships will eventually make their way to a recycling yard.”
Buyers of recycling ships belonging to Global Marketing Systems cite falling scrap prices in the Indian subcontinent, as well as the Muslim holy month of Ramadan, are also behind the slowdown in ships being offered for demolition.
A recent report by Linerlytica, dated March 28, indicates that charter rates continue to increase rapidly as demand from shipping lines remains high. For example, the charter rate for a 6,500-TEU vessel is currently at $30,500/day, up from $28,000/day in early March.
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Source: Phaata.com (According to ContainerNews)
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