Greek owner Union Commercial is selling a modern supramax bulker for a price indicating a 10% drop in values on the last comparable deal. 

Sources claim the IHI-built, 56,000-dwt Union Erwin (built 2011) has gone for $13.2m  to Cleaves Marine in Oslo.It has set up a K/S (limited partnership) company to own the vessel.     

Songa bulk chief executive Herman Billung says his company is not the buyer.