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Thai National Shippers’ Council
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Shpg Gazette 21/2/14 - Hanjin Shipping to scrap thirteen 5,300-4,000 TEUers on Indian beaches

SOUTH KOREA's Hanjin Shipping has sold 13 containerships - even 5,302 TEU and
six 4,024 TEUers built between 1996 and 1998 - for scrap on the breaker beaches
of India.

Most vessels were from the transpacific service, with the smaller ships
deployed
on Far East-US east coast strings via the Panama canal while the overpanamaxes
were deployed on Far East-US west coast services, reported Alphaliner.

It said the ships are currently being phased into Far East-India rotations, for
final delivery to the scrap buyers. The first scrapped unit, the Hanjin
Shanghai, arrived in Alang on January 31. It will be followed by the other axed
ships over the next few months.

The vessels for disposal had been transferred four years ago to Korea Asset
Management Company (KAMCO) under a government sponsored rescue package.

KAMCO had taken these ships from the shipping line under a sale-and-leaseback
deal in July 2009 to ease its short-term cash burden. The scheme was devised to
prevent large chunks of its fleet from being sold to foreign buyers at
distressed prices.

Hanjin will take delivery of new 10,000 TEU ships chartered from Seaspan
starting from March. They are expected to be deployed on its transpacific
services to replace smaller vessels.

Flood of panamax containerships head for the India's breaker beaches

AS shipowners seek to renew their fleets with modern fuel-efficient vessels,
US-based cash buyer GMS said more than 20 panamax containerships were being
offered for scrap, with "more in the pipeline".

With the large number of containerships being touted for demolition, questions
are being raised about the capacity of key markets in the Indian subcontinent
to
absorb so much tonnage over such a short period.

Brokers reported at least six boxships sold over the past week, including some
at rates edging close to the US$500 per ldt (light displacement tonne) mark.
There was also talk of a seven-ship en bloc deal that, if confirmed, would
represent a record single scrap sale in terms of both tonnage and value,
reports
Lloyd's List.

"A drip-fed supply of vessels would certainly be preferred to the tsunami that
is currently enveloping - and some would say killing - the market," said Global
Metals Solution (GMS) in its latest market report.

"Several cash buyers that hold the inventory will now be competing among
themselves to ensure that none of the vessels are sold cheaply, thereby
devaluing their own particular purchases," the GMS report said.

GMS said the yards in India and Bangladesh with capacity and available credit
to
take on vessels of this size were fast filling up. "Much of the January heat is
therefore disappearing from the market, leaving a potential black hole for
those
cash buyers caught with an array of overpriced and oversized containerships,"
it
added.

Recent deals included Danaos' 1991-built, 23,326 ldt, 4,814-TEU. 60,350 dwt
Marathonas, which was reported sold for delivery to India at $495 per ldt, or
just over $11.5 million. The rate was pushed up by the vessel's superior Danish
build, a 70-tonne bronze propeller and 250 tonnes of bunker fuel on board.

Germany-based ER Schiffahrt was reported to have sold five containerships for
delivery to India at $470 per ldt. Hanjin Shipping's 1997-built, 18,989 ldt
containership Hanjin Wilmington was reported sold for delivery to India at $460
per ldt or $8.7 million.

"Evidently, the market is being inundated with boxships, with the potential for
further units," said London-based Clarkson Research Services. "However, price
levels could come under pressure as a limited number of breakers have the
financial capacity to acquire such a large volume of high LDT units at once."