In a statement to the Shanghai stock exchange, the company said two aframaxes and six bulkers would go.

The bulkers are likely to be its six oldest and smallest: the Oshima-built 49,000-dwt Pacific Emerald  Pacific Mercury and Pacific Dolphin (all built 1996), the Pacific Acadian (built 1995) and the Pacific Primate and Pacific Scorpio (both built 1997).

The sales would leave it with seven modern capesizes, plus 16 new bulkers on order in China.

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