Elderly Capesize Bulker Headed for Bangladesh Recycling

In the latest sign of the ongoing challenges facing the dry bulk shipping sector, a 176,000 DWT capesize bulker has been reported sold for recycling in Bangladesh. The 2002-built vessel, named Beihai, is managed by Green Ocean Ship Management and sails under the flag of St. Kitts & Nevis. According to industry news outlet Splash247, this marks the first capesize bulker recycling deal of 2023. Capesizes are the largest class of dry bulk carriers, typically used to transport commodities like iron ore and coal over long-haul routes. The aging Beihai, built by CSBC in Kaohsiung, Taiwan, is heading to Bangladeshi shipbreaking yards, where it will be broken up for scrap metal and other recyclable materials. This reflects the challenging market conditions that have led owners of older, less efficient bulk carriers to opt for demolition rather than continuing to operate them. "The dry bulk shipping sector has faced significant headwinds in recent months, with freight rates under pressure due to a combination of slowing global trade, high fuel costs, and an oversupply of tonnage," said a maritime industry analyst quoted by The Maritime Executive. "For owners of older, less competitive vessels, recycling has become an increasingly attractive option."