Cash buyers are losing out big time following the sudden decline in scrapping prices.
Two bulkers purchased early this month from South Korea’s H-Line have now each been sold for $1m less.
The 151,000-dwt Frontier and 148,000-dwt POS Challenger (both built 1992) were sold originally for close to $7m each. The Frontier went for as much as $398 per ldt but has now been diverted to Pakistan at what is understood to be $345 per ldt, while the POS Challenger has been sold on for a similar price.
