Gestion Maritime scraps old bulker

Gestion Maritime scraps old bulker

The fleet of the Monaco-based shipping company Gestion Maritime will shortly decrease to 10 units. Danilo Fumarola, ceo of the company, told Splash: “The aged bulk carrier  Giovanni has been sold for scrap for a price of $3.4m. It means some $330 for ldt.” The ship will be probably routed to India.

Commenting on the deal, Fumarola added: “The sale was physiological for such an old ship that gave a big contribution to Gestion Maritime’s activities in the last 13 years.”

The Monegasque company is involved in a process to renovate its fleet and Fumarola underlined that “the sale of this panamax bulk carrier for scrap is our contribution to solve the chronic oversupply of tonnage in the dry bulk market”.

Talking about the present market downturn for the bulk carrier rates, the young Italian manager said: “Shipowners are solely responsible for the current shipping crisis. When in 2010 there was a slight market recovery several shipowners immediately ordered new ships despite boasting rather significant order portfolios. In late 2013 the market attempted to grow again and again with a new wave of investments.”

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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