New York-listed Pangaea Logistics Solutions has struck a tentative agreement to part with a supramax bulker that is the oldest vessel in its fleet.

The Newport, Rhode Island-based shipowner and operator has signed a memorandum of agreement to deal a vessel bearing the name of its home city for about $9.3m, according to brokers and market sources.

The sale of the 52,600-dwt Newport Bulk (built 2003) to unidentified buyers has not been completed and Pangaea representatives declined to comment on Monday.