A feeder ship owned by South Korean operator Sinokor has been sold for what was described as a “bullish” scrap price, as cash buyers bet on a revival of ship demolition in Bangladesh.

The 1997-built 1,608 teu Xiumei Shanghai, chartered to Sinokor subsidiary Heung-A Line, was sold for $4.66m.

Major cash buyer Global Marketing Systems noted that the previously subdued Bangladeshi ship recycling market “appears to have renewed its appetite for buying ships”, after demolition yards obtained letters of credit from private, rather than state-controlled banks.

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