Massoel Shipping of Switzerland has sold its only supramax as it continues to wind down its exposure to the bulker market.

A sale would leave the low-profile shipowner owner with just three small handysize units.

Brokers said the company has sold the 50,000-dwt Luzern (built 2002) for $5.6m to an undisclosed Middle East-based buyer. The ship was built at Japan's Kawasaki Heavy Industries.

Massoel bought the ship in May 2009, when it was the Mutsushio, for $21.9m.

Valuation platforms by Maritime Strategies International and VesselsValue say the Luzern is worth between $6m and $6.25m. The bulker is due for dry docking.

Geneva-based Massoel had a fleet of some 12 bulkers last summer but has mounted a string of sales. The transactions began just before B Skaugen of Norway sold its 49% stake in the joint venture company Massmariner, which owned the bulkers, in September.

A sale of the Luzern would leave the company with just the 17,800-dwt Thorco Basilisk and Trudy (both built 2013) and the Sekwang-built 20,000-dwt Lugano (built 2003).

The company was formed in 1982 by the former Acomarit boss Georgio Sulser, who now is believed to be close to 80 years old and appears not as hungry to do shipping deals as before.

Quiet shipowner

Massoel is very tight-lipped about its transactions.

Last July, the company sold its 46,000-dwt Glarus (built 2001) to PM Pioneer of the Marshall Islands, reportedly for $6.1m. The ship has been renamed Sinoway Lily.

In September, the 20,000-dwt Arosa (built 2002) went to Reknav of Egypt for $4.5m.

In November Massoel sold the 32,000-dwt Aargau (built 2010) to Cosmoship of Greece and was renamed Lady C, and the sistership Thurgau (built 2011) was sold to Silo Management and is now named Argo 1. The vessels changed hands for $6.7m each.

In January this year, Massoel's 20,000-dwt Andermatt (built 2002) was reported sold for $4m after having been up for sale in two months.

The buyer here has not yet been confirmed.

Earlier this month, Massoel reportedly sold the sistership Martigny (built 2002), but it only fetched $2.8m with bulker values under pressure.