The Hermann Wulff becomes the youngest boxship to date this year to have been sent for scrap. Just 10-years-old, the 4,546 teu panamax is owned by Erste RHW Schiffahrts and flagged with Liberia.

Panamax boxships have been sent en masse for scrapping this year as rates for this ship size in particular have faded away. Prior to the Hermann Wulff, the youngest boxships sent for recycling this year had been 13 years-old. Clarksons Research shows that the German owner managed to gain a very decent US$303 per ldt for the ship scrapping.

"This is surprising as the Eid holidays have meant that it has been a very quiet week in the ship recycling sector. However, the signs have been there for a while, as the lack of tonnage started to push rates up and we have been moving towards a scenario where yards have emptied and are open across the board in the Indian Sub-Continent. This would help create healthy competition once again, which can only benefit owners," Clarkson Research said in its latest weekly report.

The broking outfit also noted that another 13-year-old vessel, the Hang Jun 5, owned by another German owner, Hammonia Reederei, was also sold for scrapping last week.