As the panamax containership market remains extremely depressed a vessel of just 13 years in age is to be sent to the breakers yard.

Alphaliner reported that the 2002-built, 4,389 teu Philadelphia, owned by Laeisz Schiffahrt has been sold to scrap buyers. As such it is set to become the youngest panamax vessel ever broken up.

It follows the recent sale for scrap of the 2000-built, 4,890 teu Northern Glance.

“The scrap sales of such young tonnage are testimony of the disastrous state in which the panamax market finds itself, with current charter rates not even reaching $6,000 per day,” Alphaliner said in its weekly newsletter.