Ship scrap prices in South Asia are set to go down again as increasing number of owners are recycling Capesize bulk carriers.

Amid the ongoing downturn in the freight market, owners are choosing to recycle more of their older Capesizes to minimize losses.

However, with more ships being offered to cash buyers, prices are set to drop, according to Dubai-based cash buyer Global Marketing Systems (GMS).

While prices remain at US$380-390/ldt for bulkers in India, Pakistan, and Bangladesh, levels could come off by US$10-15 in the coming weeks, estimated GMS.

No fewer than four Capesize bulkers were sold for recycling last week, according to shipbrokers' reports.

Last week, Alpha Tankers & Freighters-controlled 1994-built Alpha Action was sold for US$7.86m or US$422/ldt, and Sea Pioneer Shipping's 1995-built Prosperity fetched US$8.34m or US$420/ldt, both for demolition in Pakistan.

Star Bulk Carriers' 1996-built Star Big fetched US$9.24m or US$420/ldt for demolition in Bangladesh. Other than that, TMT's 1993-built Glory Comfort fetched US$7.21m or US$390/ldt.

Nicholas G Moundreas Shipping's 1996-built Matrix fetched US$9.60m or US$420/ldt for demolition in China.

Berge Bulk-owned 1987-built very large ore carrier Berge Vik was sold for US$19.89m or a very firm US$430/ldt in Pakistan.

The Angelicoussis group recycled its fourth bulker for the year, offloading Panamax bulker Anangel Omonia on an 'as is' basis in Fujairah for US$4.19m or US$400/ldt, with sufficient bunkers for the voyage across to Pakistan.