Myanmar’s Continental Investment Holdings (CIH) has been making the most of high demolition prices by sending five boxships for scrap in recent weeks. CIH had built up a fleet of secondhand boxships in the past four years but has now disposed of some of its oldest ships – all 1990s built and sub-1,500 teu.
“This fleet clear-out is motivated by both a challenging charter market for smaller vessels of 1,000-1,200 teu as well as a strong demolition market, with scrap prices nearing $400 per ldt in the Indian Sub Continent,” Alphaliner stated in its most recent weekly report.
CIH still owns 18 boxships with capacities ranging from 1,300 to 4,300 teu.