Bulker owners continue to sell 1990s-built vessels for demolition at a fraction of their purchase price.

This week, China’s Rizhou Steel sold its last 1990s-built capesize, the 171,000-dwt RZS Harmony (built 1999), to Pakistan for $280 per ldt, or $6.3m.

Rizhou Steel bought the ship as Arethusa from Zela Shipping for $90m just before the market crashed in 2008. The ship passed special survey last year.

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