GH confirms scrap sale

Great Harvest has confirmed the scrap sale of its oldest bulker in a $7m deal.

The 123,500-dwt GH Resources (built 1990) has been purchased by Venus Shipping Inc and will be sent for demolition in Bangladesh, the owner tells investors.

On the basis of the net book value of GH Resources of $7.68m, it is expected that the company will lose $0.65m on the sale, which was first reported by TradeWinds yesterday.

China-based shipowner said that the reasons for disposing the vessel were “its relative old age and inefficiency compared with other vessels in the fleet”.

According to Clarksons’ database, the sale of the vessel will leave Great Harvest with five panamaxes in the water.