Singapore-based Rickmers Marine Trust has recently sent a 7-year-old container vessel for demolition, according to VesselsValue.

The above-mentioned vessel is Panamax boxship named India Rickmers. It was built in 2009 by Chinese shipyard Jiangsu New Yangzijiang.

The 4,250teu vessel is valued at US$5.87m. The year 2016 saw the vessel drop 62% in value.

Mandarin Shipping Chairman Tim Huxley has recently expressed his views on the news.

He thinks that the chief culprit of the sector's destruction was the expanded Panama Canal.

BIMCO data show that 47% of the record 500,000teu recycled in the first ten months of the year have been in the sector of panamaxes.

He thinks that owners need to scrap a large number of ships to improve the situation. Also, he pointed out that owners have to stop the investment in the feeder sector.

Meanwhile, he asked fellow owners not to order newbuilds and encouraged them to go to the secondhand market.