U-Ming of Taiwan is understood to have sold one of its oldest bulkers, the CSBC-built, 152,000-dwt Cape Oceania (built 1994).

The ship, which is due for special survey in July, is said to have gone to an undisclosed buyer for $10.4m, or $1.5m over scrap value.

Online platform VesselsValue.com puts an estimated value of $11.8m on the vessel, so the deal could be seen as another example of pressure on bulker values.

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