Courage cans cape

Courage Marine of Taiwan appears to have raked in nearly $9m from the sale of an elderly capesize bulker.
Lion says its starting to see bulkers fetch nearly $500 per ldt when sold for scrap in southern Asia.

Lion says its starting to see bulkers fetch nearly $500 per ldt when sold for scrap in southern Asia.

In a report issued Friday evening Compass Maritime Services said the 151,688-dwt Cape Warrior (built 1995) was sold “as is” in Hong Kong.

The US-based sale-and-purchase broker told clients the vessel fetched approximately $467 per ldt and identified India as its final destination.

If the transaction proves true Courage will be left with one cape and a pair of supramax bulkers built in 2011 and 2012, respectively, according to a fleet profile found on its website.

Prior to today, data from Clarksons Shipping Intelligence Network suggests 13 capes and bulkers in excess of 80,000-dwt have been scrapped since the start of 2014.

While the total was nearly two-times higher at this point in time 12 months ago some expect to see the pace of demolition deals accelerate in the coming weeks and months.

Earlier in the day Lion Shipbrokers argued that the rally in the recycling market, coupled with the lack of lucrative chartering deals, has made scrapping an increasingly attractive option for owners as of late.

Others believe operators of ageing capes don’t want to jump the gun and are willing to hold out a little longer based on a bet that freight rates will rebound in the second half.

Today, Global Hunter Securities said capesize bulkers were seeing daily levels of around $11,700 in the spot market, which represents a gain of roughly 18% week-on-week.

According to Compass Maritime tonnage in the 170,000-dwt category is currently commanding a premium of $23,000 per day for period work, which is approximately $1,000 lower than levels logged just last week.

Courage Marine, which is listed in Hong Kong and Singapore, is led by chief executive Hsu Chih Chien. Attempts to reach the company for comment were not immediately successful at the time of writing late Friday night.

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