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Shipping Slump: Why a Vessel Worth $60m Was Sold as Scrap

(Jamie Robertson – BBC News)

In January 2010, the container ship Hammonia Grenada was delivered from a Chinese yard to its new owners, reportedly priced at about $60m (about £37m at that time).

Just seven years later – at the start of this year – it was sold for scrap. The price: an estimated $5.5m (£4.4m today).

It’s not the only vessel to suffer this fate. Last year container ships were sold at rock-bottom prices for scrap in record numbers.

The simple reason is that there are too many ships for too little cargo. Click here to read more.