Germany’s Oldendorff Carriers is following other bulker owners that see no other option than to scrap vessels in a declining market where rates are far from covering operating costs.

Bulker giant Oldendorff has sold the 169,000-dwt John Oldendorff (built 2001) to Bangladesh for $255 per ldt, or $5.6m. The bulker was bought as Lowlands Prosperity from Cobelfret for $28m in August 2011.

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