Precious Shipping has formally confirmed the disposal of a handysize bulk carrier.

It told the Bangkok Stock Exchange the 27,100-dwt Chalothorn Naree (built 1996) had been sold for $1.51m.

TradeWinds reported last month the ship was heading for the scrap heap.

Chief executive Khalid Hashim said at the time Precious had received offers from trading buyers at 30% above the demolition value.