The company said on Tuesday it is offloading six vessels that constitute its contract of affreightment (CoA) business, which has suffered from “several years of over-capacity and unsustainably poor profitability.”
It blamed the small size of the CoA fleet for its uncompetitive position against larger players in the tough general cargo sector.
The 5,000-dwt Fingard (built 2000) and Swegard (built 2001) are already on the way out and should be delivered to new owners by the end of this month.
Brokers
