Cido Shipping, which appears to be cutting its bulker fleet, is seeking to sell two Oshima-built panamaxes that have been in its fleet since new.
The 82,300-dwt Fortune Iris (built 2009) has left Hamburg, Germany, for Ust-Luga in western Russia, where it is expected to arrive late this week. Sources suggest it could fetch $15m.
The vessel was reportedly ordered in 2004 for $40m, so it does not appear to have been a lucrative investment, given that it entered into a very poor market.
