Sources say that the ship has fetched $25.5m.

The owner has a newbuilding programme of 70 bulkers, including 27 ultramaxes, 10 of which are being delivered from Chengxi in 2015 and 2016.

Assuming that the ship now reported sold is for delivery this year, it appears to be a firm price.

London-based VesselsValue.com suggests these 2015 bulkers are worth just $22m.

Scorpio is expected to reduce its newbuilding programme further.

In