The worst freight rates since the dry bulk market crisis of 2016 have not discouraged Greece’s Diligent Holdings from pursuing expansion in the supramax sector.

UK-based brokers have identified the Athens-based company as the buyer of the 55,400-dwt Alster Bay (built 2008) for about $12m.

The Kawasaki-built vessel is currently listed as the oldest unit in the fleet of Mitsui Soko.