Chinese owners are dominating the scrapping market, among them Hongyuan Marine, which continues to clear out its vintage tonnage.

It has reportedly sold the 95,000-dwt bulker Hong Ocean (built 1990), the oldest ship in its fleet. It is set for demolition in China despite breakers currently paying less than $250 per ldt for many bulkers.

Hongyuan has previously sold ships to the Indian subcontinent.In