Seaspan scraps another young containership

The containership lessor sold the 3,700-TEU MOL Express for scrap, pocketing $5.94 million in the process, according to a report from maritime consultant Clarksons Research.    Containership lessor Seaspan Corp. is continuing the trend of scrapping younger and younger containerships as excess capacity continues to drag on freight rates and carrier profitability.
   The company most recently sold the 3,700-TEU MOL Express for scrap, pocketing $5.94 million in the process ($275 per light displacement ton), according to a report from maritime consultant Clarksons Research.
   The MOL Express was built in 2003 and is one of the youngest vessels ever to have been scrapped.
   The vessel most recently served on the G6 Alliance’s Pacific Atlantic 2 (PA2) loop between Asia and the United States East and West Coast, according to ocean carrier schedule and capacity database BlueWater Reporting. The PA2 now operates with ten ships, all from MOL, with an average capacity of 6,720 TEUs.
   The scrapping of the MOL Express follows Seaspan’s decision earlier this month to sell the 2003-built 4,646-TEU MOL Excellence for a reported $280 per LDT, a total value of $5.96 million.
   The scrapping of the two 13-year-old containerships has stoked fears among analysts that vessels whose charters are ending are worth more as scrap metal than if they were redeployed on another charter.
   “With relatively firm scrap prices still being offered for containerships and for some bulk carriers (Pakistan delivery), it is no surprise that many shipowners returning from their summer holidays are taking notice of recent sales activity and are being tempted to sell their ageing tonnage for recycling, particularly as freight rates continue to falter,” Clarksons Research said in its most recent report. “This has led many to believe that the summer lull is ending prematurely and that we could possibly be entering another busy period for all involved in the recycling industry.”