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Hammonia Reederei scraps 13-year-old panamax as rates flounder

HAMBURG's Hammonia Reederei become the latest company to scrap young containerships, after sending the 13-year-old 3,100 TEU Westphalia to Bangladesh for scrap at a low price of US$240 per light displacement ton (ldt).

Hammonia Reederei scraps 13-year-old panamax as rates flounder

HAMBURG's Hammonia Reederei become the latest company to scrap young containerships, after sending the 13-year-old 3,100 TEU Westphalia to Bangladesh for scrap at a low price of US$240 per light displacement ton (ldt).

Hammonia Reederei scraps 13-year-old panamax as rates flounder
03 October 2016 - 22:04

Hammonia Reederei scraps 13-year-old panamax as rates flounder
HAMBURG's Hammonia Reederei become the latest company to scrap young containerships, after sending the 13-year-old 3,100 TEU Westphalia to Bangladesh for scrap at a low price of US$240 per light displacement ton (ldt).
With four 13-year-old boxships scrapped so far this year, Hong Kong's Seaspan has been leading the charge to send vessels to the scrapyard on account of very depressed freight rates for panamax sized ships exacerbated by the opening of the newly expanded Panama Canal.
A report by BIMCO at the end of June highlighted how the panamax segment saw 150,863 TEU scrapped in the first six months of the year - the same volume as in the 18 months to the end of 2015, reported Singapore's Splash 24/7.
"The expansion of the Panama Canal backs up the shift away from the segment of panamax ships which have a maximum beam of 32 metres, putting them in line for demolition," BIMCO chief analyst Peter Sand noted in the report.
Hammonia Reederei has been shrinking its fleet this year. At the beginning of July, Borealis Maritime bought the 3,400 TEU, 10-year-old Hammonia Jutlandia containership from the ship management company for $5.3 million
The Hammonia Reederei's containership fleet currently comprises 50 vessels ranging in size from 868 TEU to 10,000 TEU.

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