Seaspan scraps another 13-year-old boxship

Seaspan continues to scrap barely teenage boxships. Clarksons Research details now the Canadian tonnage provider has sent the 3,700 teu MOL Express for scrapping. The ship, which ran aground in Japan last year, was built just 13 years ago. The Gerry Wang-led firm is pocketing $5.94m from the recycling deal, the ship clocking in at a firm $275 per ldt.

Seaspan has also sent another 13-year-old panamax containership, the Seaspan Excellence, for scrap this month lending credence to the feeling that ships coming off charter are not meriting new worthwhile charter deals so are better off being scrapped.

With the opening of the expanded new Panama Canal panamax rates have plummeted and panamax boxships have been scrapped in very high numbers this year.

“With relatively firm scrap prices still being offered for containerships and for some bulk carriers (Pakistan delivery), it is no surprise that many shipowners returning from their summer holidays are taking notice of recent sales activity and are being tempted to sell their ageing tonnage for recycling, particularly as freight rates continue to falter. This has led many to believe that the summer lull is ending prematurely and that we could possibly be entering another busy period for all involved in the recycling industry,” Clarksons Research noted in its most recent weekly report.

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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