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Hammonia Grenada sets new record as youngest boxship heading for scrap

Hammonia Grenada sets new record as youngest boxship heading for scrap

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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. 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 boxships 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 boxship ever sent for demolition.

Splash columnist Tobias Koenig commented on the news via LinkedIn: “This resets the price for all similar units, there is no other way out for the traditional panamax containerships.”

Some 700,000 teu of containerships were scrapped last year with panamaxes the most favoured for the scrapheap in the wake of the opening of the expanded Panama Canal. Panamax boxships 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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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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3 Comments

  1. Marin
    January 11, 2017 at 11:09 am

    built in January 2010 is not the nine-year-old

    1. Grant Rowles
      Grant Rowles
      January 11, 2017 at 11:36 am

      Fixed, thanks Marin.

  2. George
    January 11, 2017 at 3:28 pm

    I d like to see them banks evaluating collateral on cash flow projections from now on!
    one sees 7Y vessels demolished [<1/3 of their operational life] one knows there will be an intense market cleansing mayhem ahead of us