AsiaDry Cargo

VLOC scrapped in Pakistan

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.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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