wow, the market must suck big time, in the vernacular! 7 years doesn't even get the glitches worked out!
A seven-year-old containership has set a new unfortunate record. The 2009-built India Rickmers built in China is being sent for scrap. Owned by Rickmers Shipmanagement, brokers report the 4,250 teu ship managed to get a very firm price of $325 per ldt for its scrapping.
In the first 10 months of the year a record 500,000 teu has been scrapped, 4.2 times more teu than the scrapping activity for the same months in 2015
The demolition of panamax containerships in teu accounts for 47% of the total demolition in 2016.