The Mitsui-built, 56,000-dwt Darya Bhakti (built 2005) has been in the company’s fleet since it was new and reportedly fetched $16.8m, which is in line with market expectations.

Chellaram managing director Vishal Khurana denies the sale. The owner has a fleet of 10 ships with an average age of five years. It talks about a normal procedure to modernise its fleet.

Chellaram