Tidemand-controlled bulker owner Stove Shipping has sold its oldest owned vessel as it continues to trim its fleet.

Brokers said the company has sold the 58,000-dwt Stove Caledonia (built 2010) for $12.2m.

Stove chairman Christian Andersen confirmed the sale.

The price is higher than expectations. VesselsValue estimates the Tsuneishi Cebu-built Stove Caledonia is worth just $10m, while Maritime Strategies International puts its value at $10.4m.

But those valuations are based on a charter-free deal, and Stove is taking the bulker back on a three-year charter at an undisclosed rate.