Norwegian shipowner Arendals Dampskibsselskab (ADS) has sold its last wholly-owned vessel.

Brokers said the historic Arendal-based company sold the Universal-built, 75,000-dwt bulker ADS Galtesund (built 2007) to a Chinese buyer for $15.9m, a price in line with the current market.

ADS chief executive Terje Bodin Larsen confirmed the vessel will be handed to the new owner later this year.

The company bought the bulker from Japanese interests for $18.5m