Kamrul Islam, Chattogram: The global ship recycling market has witnessed one of its biggest surprises of the year as Bangladesh secures a massive Capesize vessel, breaking China’s long standing dominance in the segment. The giant bulk carrier Beihai has been acquired by a Bangladeshi shipbreaker and is set to be recycled at Chattogram’s Sitakunda yards, creating widespread excitement across the South Asian shipping and steel industries.
At a time when Chinese buyers have virtually monopolized the purchase of old Capesize vessels in the international scrap market, Bangladesh’s success in securing Beihai is being seen as a major shift in market dynamics.
Vessel at a Glance
Name: Beihai (formerly K. Blue)
IMO Number: 9220201
Type: Capesize Bulk Carrier
Deadweight Tonnage: Over 170,000 DWT
Built: 2001, Namura Shipbuilding, Japan
A Dramatic Ownership Journey
Built with Japanese engineering excellence, the vessel’s journey reads like a maritime thriller. From 2001 to 2013, the ship sailed under the Japanese flag and operated across global trade routes. In 2013, ownership changed and the vessel began operating under the Panamanian flag.
The most intriguing chapter came in late 2024, when the decision was made to scrap the vessel. It was purchased by a prominent Dubai based businessman. Instead of immediately sending it for recycling, the owner took advantage of a strong freight market and continued operating the ship commercially for several more months.
When the time finally came to sell the vessel for scrap, a fierce bidding war ensued. In a significant upset, a Chattogram based shipbreaker outbid Chinese buyers and secured the vessel, marking a rare victory for Bangladesh in the Capesize scrap segment.
From China to Chattogram, the Final Voyage
According to Chattogram Port berthing schedules, the vessel’s last commercial port call was Fangcheng Port in China. After discharging its final cargo there, Beihai began its final voyage toward Bangladesh on January 23. The ship made a brief stop at Khor Fakkan Port in Dubai before heading for its ultimate destination, Sitakunda.
On February 10, 2026, the vessel arrived at Chattogram outer anchorage. It is currently awaiting final clearance from customs authorities and the Department of Environment while remaining anchored at sea.
Why This Deal Matters
Shipping analysts say that in recent years, Capesize vessels were almost exclusively being snapped up by Chinese recycling yards, leaving Bangladeshi yards struggling to secure large tonnage ships. The arrival of Beihai signals a renewed buying strength and competitiveness of Bangladeshi recyclers in the global market.
Once dismantled, the vessel will supply a huge volume of high quality scrap steel to local steel mills, which is expected to have a positive impact on Bangladesh’s construction and infrastructure sectors.
If all approvals proceed smoothly, the vessel is expected to be beached at a designated Sitakunda recycling yard during the next high tide within the coming days. The process of dismantling this massive steel giant will then officially begin.
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