Tradewinds – Polembros left with just one vintage bulker after sale

(Written by Trond Lillestolen)

8 May 2013 - Greek owner Polembros Shipping was at one time known for operating a lot of vintage vessels but it has now sold almost all its ships that are 20 years or older.

On the bulker side, the company has now disposed of the 149,000-dwt Greek Warrior (built 1990), leaving it with just one bulker older than 20 years.

The Greek Warrior has gone for demoliton to Bangladesh for $450 per ldt or $8.3m. Polembros bought the ship as La Paloma from K Line in March 2009 for just $7.3m. The vessel was then due for special survey.

Earlier this year, Polembros sold two other bulkers for demolition — the 183,000-dwt Leonidas Warrior (built 1978) and the 149,000-dwt Keros Warrior (built 1989).

The company still has the 150,000-dwt bulker Naxos Warrior (built 1990) in its fleet but that ship is understood to be in layup.

Polembros takes delivery this year of 10 bulkers of 205,000 dwt each from Chinese shipyards.

Also on the capesize front, China’s Sea Star Ships has sold the 151,000-dwt bulker Glory Fujian (built 1991). It is also heading for Bangladesh after having been sold for $440 per ldt or $7.8m.

The owner bought the ship as Iron Brothers for $19.5m in December 2010. Sea Star has three other bulkers of more than 20 years old.

These two sales mean that at least 24 capesizes or larger bulkers have been sold for scrap this year.

In the panamax segment, China Navigation has sold the 64,000-dwt bulker Erawan (built 1982).

The ship is going for green recycling in China after being sold for $382 per ldt or $4.6m. The company bought it as Camarina in 1999 for just $3.7m.

China Navigation has one handysize and four feederships trading and has eight 39,000-dwt bulkers on order at domestic Chengxi Shipyard. At least 26 panamaxes have been sold for scrap this year.

The 45,000-dwt open-hatch bulker Mascot (ex-Hoegh Mascot, built 1977) has been sold to India. The ship fetched $450 per ldt or $6m.

The 3,007-teu containership MSC Scotland (built 1992) has been sold to India for $450 per ldt or $6.7m. The 3,017-teu Lima (built 1994 ex-Hanjin Lima) has also gone to India for the same price per ldt.

Stena Line is understood to have sold the 19,600-gt ferry Stena Voyager (built 1996). The ship is set for demolition in Landskrona, Sweden, but the details are still unclear.