Lila Global has become the first shipowner to scrap a capesize bulker this year, selling one of several such ships it bought off Chinese companies towards the end of 2023.

The Dubai-based shipowning arm of cash buyer Anil Sharma’s GMS has sold the 175,000-dwt Wang Hai (built 2003) to a recycling facility at Gadani in Pakistan for a reported $528 per ldt, or $12.16m.