Historic Bulk Carrier Chang Ming Yang Set for Recycling in Bangladesh
In a significant development within the maritime industry, the Chang Ming Yang, a 99,800-deadweight ton (dwt) bulk carrier, is slated for recycling in Bangladesh. The vessel, which was originally built as a crude oil tanker in 1993, has been sold by Chinese shipowner Tianjin Changming Shipping on an “as is China” basis for delivery to Chattogram. The sale price was reported at $380 per lightweight ton (ldt), totaling approximately $7.42 million.
The Chang Ming Yang is one of the last remaining bulk carriers that transitioned from tanker service during the dry-bulk boom of the early 2000s. It was initially delivered by Mitsui Tamano and has a storied history, trading under both Japanese and Greek ownership before being sold to Fujian Guohang Ocean Shipping in 2007. The vessel was renamed Esperanza during this period. In 2008, Fujian Guohang converted the Esperanza into a bulk carrier, just as the global financial crisis began to impact the shipping industry, leading to a rapid decline in the dry bulk market.
Market Trends and Fleet Operations
The Chang Ming Yang’s journey reflects broader trends in the shipping industry, particularly the conversion of tankers to bulk carriers during a time of high demand. Many mid-age tankers were repurposed to address capacity shortages in the booming dry bulk market. However, unlike most of its contemporaries, which were sold for recycling after their fifth special surveys, the Chang Ming Yang continued to operate until its recent sale.
Tianjin Changming Shipping, the current owner, operates a fleet that includes seven older panamax and post-panamax bulk carriers, primarily focused on transporting coal to power stations in China. Despite attempts to reach out for comments, officials from Tianjin Changming declined to provide insights regarding their fleet or business operations.
In addition to the Chang Ming Yang, another vintage vessel, the Rui Tiger, owned by Xiamen Xinjunhai Marine Management, has also been reported sold for recycling. The 70,100-dwt Rui Tiger, built in 1995, was sold on an “as-is Hong Kong” basis for delivery to Chattogram, although the sale price remains undisclosed. The Rui Tiger is the only vessel associated with Xiamen Xinjunhai in shipping databases, and the company has not responded to inquiries for comment.
The recycling of these vessels marks a notable shift in the industry, as older ships are phased out to make way for more efficient and environmentally friendly alternatives. As the maritime sector continues to evolve, the fate of these aging carriers underscores the ongoing challenges and transformations within global shipping.
