Ningbo Marine to sell elderly panamax bulker

Ningbo Marine to sell elderly panamax bulker

Chinese dry bulk operator Ningbo Marine is looking to sell its 1990-built 68,800 dwt panamax bulker Ningbo Pioneer as it optimises its fleet.

According to Ningbo Marine, the profitability of the ship has been decreasing as it gets older, and the ship requires ballast water treatment system conversion before September 30, 2020 to comply with the IMO regulations.

After an evaluation, the company reckons the ship’s profit in the next three years would be difficult to cover the dry docking expenses and has decided to dispose of the ship.

Ningbo Marine has recorded an impairment of RMB35m ($5m) for the potential sale.

This month, Ningbo Marine acquired the 2012-built handysize bulker Shelduck from Greek owner Seastar Chartering.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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