Korea’s Pan Ocean has sold one of its two 1990s-built capesize bulkers for demolition.

The 148,000-dwt Ocean Master (built 1995) was disposed of as-is in Korea with little fuel on board for $7.4m.

The ship has been in the Pan Ocean fleet since it was new.

The company is listed with a fleet of 27 capesizes with an average of just five years.

It last sold a capesize for demolition in October last year, when the 206,000-dwt Ocean Vanguard (built 1994) was offloaded for $290 per ldt.