Tradewinds – Sales by HMM and Restis swell capes tally torched to at least 11 so far in 2013

(Written by Trond Lillestolen)

8 March 2013 – Two veteran bulkers join a panamax sold by bankrupt owner B+H Equimar

Hyundai Merchant Marine (HMM)’s clear-out of its elderly large bulkers has left it with no more vintage capesizes in its fleet.

The South Korean company has disposed of the 200,000-dwt Hyundai Continental (built 1988) for scrapping. It was sold “as is” in Korea for $418 per ldt, or $10.5m, in a deal that includes 240 tons of bunkers. The ship has been owned by HMM since it was new.

In February, HMM sold the 163,000-dwt Hyundai Cosmos (built 1986) for demolition.

Also in the capesize segment, the 149,000-dwt Bet Commander (built 1991) has been sold for $425 per ldt or $7.7m and will either be scrapped in India or in Pakistan. The bulker was owned privately by a company controlled by Greece’s Victor Restis. He bought the ship from publicly listed Seanergy Maritime for an undisclosed price in November last year.

The two sales take to at least 11 the tally of capesize bulkers sold for recycling so far this year.

In the panamax sector, bankrupt US owner B+H Equimar has sold its last vessel, the 83,000-dwt combination carrier (OBO) RIP Hudner (built 1994) for $7.1m to Pakistan.

Last month, the company sold the two sisterships Seahorse G and Searose G (both built 1994) for demolition, which means there are no vessels left in its fleet. At least 16 panamax bulkers have been sold for recycling so far this year.

The 49,000-dwt woodchip carrier Luminous Orion (built 1997) has reportedly been sold for demolition to China for $391 per ldt or $4m.

Greek owner Danaos Shipping continues to clear out old boxships, recently selling the 3,098-teu Pride (built 1988) to India for $444 per ldt or $6.6m. Last week, it sold the 3,039-teu Henry (built 1986) for demolition.

On the tanker side, China Shipping Development Co has sold the 110,000-dwt Feng Lin Wan (built 1988) for green recycling in China. The price has not been reported but could be around $6.5m. The company bought the vessel as Maersk Virtue for $25m in 2000.

Teekay of Canada is understood to have sold the 97,000-dwt shuttle tankers Basker Spirit and Leyte Spirit (bot built 1992) for scrapping but no deal has been reported by demolition brokers.