Frontline 2012 said it was selling five 180,000-dwt eco-bulker newbuildings and private Fredriksen company Karpasia Shipping is disposing of one vessel built in 2013.

The newbuildings are due from Shanghai Waigaoqiao Shipbuilding (SWS) in China between May 2014 and September 2014.

Knightsbridge is paying $61m for these five and $55m for the Karpasia ship.

Of the total $360m price tag, $186m will be settled in Knightsbridge shares at $10 each, $150m through the taking over of the remaining yard instalments, and $24m in cash.

Knightsbridge