The sale of two capesizes this week marks the beginning of Japanese owners' moves to dispose of older bulkers due to declining demand and environmental and safety concerns.
Several Japanese steel furnace and power-plant closures, in combination with far-reaching safety reviews by owners and operators in the wake of the grounding of the 203,000-dwt Wakashio (built 2007), are set to accelerate the offloading of ageing Japanese-controlled tonnage.
