Orix Corp made headlines over the summer when it ordered a pair of newly-designed spacious ultramaxes at Tsuneishi Shipbuilding.

Some of the funds it raised for the newbuildings may be coming from a string of bulker sales that the Japanese investment conglomerate has been less communicative about.

None of the transactions have been straight asset plays. However, they seem to have yielded a good return for Orix and its partners, who sold at firm prices up to six ships they had been trading for several years.