At least three panamaxes appear to have been sent to the breakers over the past week. Cyprus Sea Lines has sold two of its oldest bulkers — the 69,000-dwt Panamax Blessing (built 1996) and the Panamax Applause (built 1999) — to Pakistan for $320 per ldt, or $3.1m and $3.8m, respectively.

Chinese owner Dalian Yuanchang has sold its overaged 63,000-dwt bulker Yuan Feng Hai (built 1983) to Bangladesh for what is likely to be $3.7m.

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