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Burmese owner sends five for scrapping

Burmese owner sends five for scrapping

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Myanmar’s Continental Investment Holdings (CIH) has been making the most of high demolition prices by sending five boxships for scrap in recent weeks. CIH had built up a fleet of secondhand boxships in the past four years but has now disposed of some of its oldest ships – all 1990s built and sub-1,500 teu.

“This fleet clear-out is motivated by both a challenging charter market for smaller vessels of 1,000-1,200 teu as well as a strong demolition market, with scrap prices nearing $400 per ldt in the Indian Sub Continent,” Alphaliner stated in its most recent weekly report.

CIH still owns 18 boxships with capacities ranging from 1,300 to 4,300 teu.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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