Germany’s Neu Seeschiffahrt has sold its very large ore carrier (VLOC) vessel Rebekkah N (255,300 dwt, 36,615 ldt; built 1990) for demolition in Pakistan for $325/ldt or around $11.9m in total.
The decent rate paid for the “premium” unit shows scrap buyers in Gadani are once again ready to compete with India, which is showing increasing buying activity, in spite of a squeeze on financing.
“For those that are able and have capacity to buy, however, now is considered a good time to dip back into the market as many feel prices have bottomed out and can only go one way as the fourth quarter of the year and the end to monsoon season fast approaches,” GMS, the world’s largest cash buyer of steel, said of the Indian market in its weekly report today.
Neu Seeschiffahrt’s bulker fleet consists of two capesizes and 11 VLOCs, of which six are 18 years old or older. The German carrier has scrapped five VLOCs since the beginning of 2011.