A new unfortunate record has been set in container shipping with news that the seven-year-old Panamax Hammonia Grenada has been sent for scrap.
What happened?
The German controlled ship was delivered in January 2010 from a yard in China. Hammonia Reederei has bagged $5.5m from the sale of the 4,249 teu ship.
The ship came off hire from Maersk Line at the end of November and with Panamax box ships now the most unpopular sector in shipping it has since failed to find work and has been moored off Singapore. By a few of months, it beats the India Rickmers, which was scrapped late last year, to the unenviable title of youngest box ship ever sent for demolition.
The increase in ships heading for scrap:
Some 700,000 teu of container ships were scrapped last year with Panamax’s the most favored for the scrap heap in the wake of the opening of the expanded Panama Canal. Panamax box ships have witnessed the fastest, most significant value destruction of any ship type in more than a generation and plenty more sub-10-year-old vessels will likely end up in recycling yards this year.
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Source: Portal Portuario
