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Cape achieves $495 per ldt from Indian recycler

Cape achieves $495 per ldt from Indian recycler

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Ship recycling rates have started 2018 very much in the ascendant and the market is now anticipating the $500 per ldt mark to be broken in the coming days.

Piraeus-based NGM Energy has pocketed $10.2m from the sale of its 21-year old capesize, Enterprise, fetching a very firm $495 per ldt from Indian recylers.

“The reason for the surge in prices is mainly due to the current lack of tonnage as the dry cargo and container charter markets have continued to improve. With the global steel markets looking healthy, the demolition industry looks set to remain in one of the healthiest places it has been in recent years,” Clarksons Research explained in its most recent weekly report.

The Enterprise’s sale is considerably ahead of all other deals done in the past week, with the second highest figure achieved standing some $30 per ldt behind. However, speculative cash buyers are expected to try and tempt owners to part with more of their older and larger bulk carrier units in the coming weeks.

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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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