Cargill's US investment arm CarVal Investors has been linked to a purchase of a modern capesize bulker from Japan's ShunZan Kaiun.
The Imabari-built 180,000-dwt Spring Zephyr (built 2010) has changed hands for $21.5m, sources say.
In January a newer sistership, Obelix (built 2011), was sold to Alpha Bulkers of Greece for $23.3m.