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SHIPBREAKING: Good money for old ships

Indian shipbreakers are paying relatively high prices for older tonnage as Bangladeshi breakers find themselves caught up in court cases and Pakistani breakers keep a low profile in the marketplace. The 1979-built Haj Khalil (ex-Ahmos), a general cargo vessel built in Egypt and operated by Syria’s Ismail Shipping, recently fetched $1,847,880 at a rate of $522 per light displacement ton (ldt) from Indian breakers, while the 1978-built King Fortune (ex- Rickmers Dalian), owned by Nanjing King Ship Management, brought in $4,417,400 at a rate of $520 per ldt.

A newer vessel, Myanma Five Star Line’s Mandalay of 1983, fetched $2,680,425, while her sister, Bago, is expected to bring in a similar amount. At the same time, Larus SA’s 1984-built Panamax bulker Pistis commanded $6,906,224 at a rate of $521.50 per ldt. Although Bangladeshi yards have suffered a lengthy closure sparked by environmental and safety concerns, they have recently purchased a few ships operating under an extension.

Ships Montly - January 2024

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