A 2002-built capesize bulker has been reported sold for demolition in Bangladesh, marking the first cape recycling deal of the year. The 176,000 dwt Beihai, a CSBC Kaohsiung-built unit now sailing under the flag of St Kitts & Nevis and managed by Green Ocean Ship Management, has surfaced as a rare vintage sale.

Sources tell Splash the vessel has an unusual demolition history. Data from VesselsValue shows it was sold in 2023 in Singapore, on an as-is basis, by Jiangsu Financial, initially reported as destined for scrap at around $505 per ldt. However, Dubai-based cash buyer Lila Global opted to keep the ship trading, renaming it Lila Beihai, before it later reappeared under its current identity. 

The deal comes as a surprise, with the strong appetite among Chinese trading buyers for older capesizes keeping most demolition candidates away from South Asia’s recycling beaches so far this year.