Two capesize bulkers have failed to sell for recycling as price levels decline further.

Shipbroking sources said the duo was placed on the market for green demolition, but neither received very favourable offers.

Some reports said offers in the low $520s per ldt were then withdrawn within a day after Indian subcontinent steel markets weakened.

Demolition broker Ed McIlvaney said: “Despite there having been an increased volume of enquiry from various shipowners as to where the current price levels are, this has resulted in a major disappointment for most, as the severe decline being witnessed over the past two weeks has deepened even further this week.”