The salvage of a bulker that grounded off the Solomon Islands has turned into a wreck removal after Hong Kong shipowner King Trader declared the stricken panamax a constructive total loss.
However, the hull, after grounding at a Unesco World Heritage site, will end up being just a fraction of the total claims bill, as the 73,600-dwt Solomon Trader (built 1994) was valued at scrap levels, currently around $3.8m.
