Sources say the 57,000-dwt CS Azalea (built 2010) has gone to an undisclosed buyer for just $6.5m.
VesselsValue prices it at $9.13m.
Today, Chang Myung is a pure bulker owner and is listed with 17 vessels. It was aggressively growing its fleet around 2010 and also invested in VLCC tonnage. The crash in the dry bulk market hit the company hard and it filed for court protection in April after accumulating debts of $1bn following five consecutive years of losses.
The
