China Merchants Energy Shipping (CMES) has sent another elderly bulker MV Ming Fen for demolition. China Merchants Energy Shipping (CMES) said it had sold the 43,400-dwt Ming Fen (built 1993) to Jiangmen Zhongxin Shipbreaking for CNY 10.9m ($1.8m).
In June 2014, China Merchants Energy Shipping (CMES) announced in a regulatory disclosure that it intends to continue a clear out of elderly tonnage.
China Merchants Energy Shipping (CMES) plans to sell or scrap eight elderly bulkers over the next twelve months with the vessels selected for disposal all over 20 years of age.
China Merchants Energy Shipping (CMES) owns six handymax bulkers built in 1992 or 1993 and two panamaxes built in 1993 which look to be the most likely sales candidates. China Merchants Energy Shipping (CMES) has a substantial newbuilding programme at yards in China including of 14 VLCCs and 16 ultramaxes. In September 2014, China Merchants Energy Shipping (CMES) clinched a deal to order 10 VLOCs for long-term charter to Brazilian mining giant Vale.
Dry Bulk Shipping News - Shipbroker Notes