A 2010-built youngest-ever box ship to be scrapped.
What happened?
Hammonia Reederei’s ‘Hammonia Grenada’ has set a new record after becoming the youngest box ship to be sold for scrap – at just seven-years old.
And it highlights the spiralling trend to scrap Panamax container ships following the opening of the extended Panama Canal.
Sold for scrap:
The 4,249 teu box ship was delivered to its owner from a Chinese shipyard in 2010 (reportedly priced at US$60 million) – and according to media reports was sold for scrap for an estimated US$5.5 million.
More than a third of the vessels in the global box ship fleet are potential candidates for scrapping, according to VesselsValue.
Comparison of daily market value:
It compared the daily market value of every container vessel against what it could be sold for as scrap (the ldt of the vessel multiplied by the daily steel price), to reveal that 2,018 box ships are at scrap value, compared to 2,820 vessels with a value above this. And it says that 86 per cent of the Panamax fleet are potential scrap candidates.
Its calculations show that the average scrapping age is 17 years, still a long way off seven-year old Hammonia Grenada.
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Source: Container Shipping & Trade
