U-Ming seeks demolition buyer for cape as Polaris scraps VLOCs

U-Ming Marine Transport and Polaris Shipping are both working to sell large bulkers for demolition.

Taiwan’s U-Ming is expected shortly to conclude a sale of one of its two oldest capesize bulkers.

Scrap brokers said the 175,000-dwt Cape Mars (built 2003) is being offered for sale.

The CSBC-built vessel, which has been in U-Ming’s fleet since it was new, is expected to fetch between $8m and $8.5m