Market flooded with vintage ships for sale

Market flooded with vintage ships for sale

Brokers report the market is flooded with elderly ships for sale. For instance, at least 15 late 1990s built panamaxes are currently being circulated. However, few sales are being concluded.

The slowdown is partly due to the fact that ship finance is very hard to obtain for 20th century ships these days.

More specically, few Chinese owners have significant cash on hand to purchase ships without support from the financial system. It is the Chinese who are being targeted most with the older ships doing the rounds at the moment as the China Maritime Safety Administration will soon reduce the age limit for imported ships to a maximum of just 15 years.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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