The 2003-built, 1,118 TEU feeder vessel, CMA CGM Tanger, owned by the French carrier’s Moroccan subsidiary, Compagnie Marocaine de Navigation (Comanav), has been sold for an undisclosed price, for recycling in Turkey. The Marseille-based company acquired Comanav in 2007 after the latter was privatized by the Moroccan government market, reports Container News.
Demolition remains slow
Cash buyers and brokers said that box ship demolition remains slow, possibly because ship owners still have substantial financial reserves from the boom years and can afford to keep elderly vessels running in the near term.
Recycling market
Global Marketing Systems said that market sentiments are improving in the Turkish ship recycling market, where prices have climbed to US$325/ldt, up by around US$5/ldt from the previous week.
The cash buyer said, “Turkey continues to surprise the industry, with weekly ongoing improvements amidst a key depreciating fundamental that should have taken the steam entirely out of its domestic ship-recycling market.”
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Source: Container news
