The 27,400-dwt Panos Creation (built 1998) fetched $753,000 in a judicial sale in Durban, according to Stephen Cunningham, head of shipping and logistics at South African law firm Bowman Gilfillan, who represented a creditor bank in the sale.
The Panos Creation was purchased by a steel mill operator in Mozambique. The Nacala-based company is understood to be scrapping up to five ships a year to produce reinforcing bars for the construction industry from the material.
