The Singaporean owner has sent the 1,400 teu Kota Wijaya(built 1991) to be sliced up in India.

A figure of $525 per ldt has been placed on the sale, whichcash buyer GMS describes as enormous.

The sum translates to $3.58m for the shipowner for avessel which has 350 tons of bulkers on board.

According to VesselsValue.com PIL has a fleet of 100 vesselsworth over $1.5bn.