Ship Owners Buy Bargain Bulkers


Many of the dry bulk industry’s largest vessels, such as the Capesize vessel have undergone new ownership, according to Shipping Watch.

Companies that specialise in dry bulk, such as Star Bulk Carriers and Scorpio Bulkers, are among some of the sellers.

Denmark’s Norden sold ‘Nord-Energy’, which was the last of its Capesize carriers.

Amit Mehrotra, an Analyst at Deutsche Bank, said: “For example, there are over 240 dry bulk ships over 100,000 DWT that are 15 years of age or older.

“This equates to 47 million on a DWT basis, which is over 15% of the 100,000+ DWT fleet.

Read: Hyundai Mulls $500m Bulk Shipping Sale

“So you would expect to see disproportionate scrapping in this vessel category and indeed this is what is happening.

“Last year approximately 3.5% of the entire dry bulk fleet was scrapped, but 5% of the Capesize fleet was scrapped.”

Read: Shipping Outlook ‘Volatile’ in 2016

For more information on Dry Bulk, click here

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