Mitsui OSK Lines (MOL) announced on Wednesday plans to scrap or cold lay-up 10 to 20 capesize bulkers in view of worsening market conditions, Seatrade Asia online reports.
The Japanese line has so far demolished capesize ships that were 23 years and above, but will now scrap ships that are 15 years and above. MOL has plans to scrap five ships by the end of March 2013 and is considering the disposal of others.
Last year, MOL scrapped four vessels and temporarily laid up 10 others.
“MOL is weighing measures to rejuvenate the fleet and increase vessel quality by accelerating scrapping, aiming to provide the highest quality transport services,” MOL said in a statement.
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