Two capes chopped

Capesize bulkers continue to flood to the scrap heap in a terrible market.

Japanese giant K Line and Greek owner Lou Kollakis are the latest to weigh in ships.

Kollakis-led Chartworld has sold the 170,000-dwt Star Yandi (built 1996) to be cut up in Pakistan, it is claimed.

A figure of $397 per ldt has been placed on the sale, meaning an $8.15m payment for a ship. It is said to have been sold with 1,000 tons on bunkers still on board.

Kollakis bought the vessel in 2013 for $9.7m at a time when it was suspected to have been scrapped.

At that time, TradeWinds reported the cape was due for special survey in November 2015.

Also heading for the breakers’ beaches is K Line’s 164,400-dwt Cape Flora (built 2000).

The former vessel has secured $365 per ldt, translating to $7.84m.

Golden Ocean chief executive Herman Billung said on the owner’s fourth quarter conference call late last week 21 capesizes had been sold for scrap already in 2015 with a further four under negotiation.

Capesize rates were below $4,500 daily on Monday, according to the Baltic Exchange.

source:www.tradewindsnews.com