The Japanese maritime transport company MOL plans to sell for scrap 10 to 20 Capesize Bulkcarrier, due to the debt crisis of the company and the worsening market trends. The president of Mitsui O.S.K. Lines, Koichi Muto told on press-conference that the company is planning to sell up to 20 bulk carrier from its fleet in case to fill the debt hole in budget of the company for the fiscal year. The company scrapped four vessels during the previous year and all of them are 23 years old and more. The plans are the next scrapped ships to be with age over 15 years, and the first five ships will be sold in the end of March 2013.
With such action the shipowner will release large part of its bulk fleet and will pay more attention to container shipping. The bulk carrying sector reported high decrease during the last months and the company engaged with such operations are preparing for the worst fiscal year since long time. That was the main reason a lot of shipowners to sell their older vessels for scrap due to filling the holes in their budgets.