James Marshall-controlled Berge Bulk has sold one of the biggest vessels in its fleet for demolition.
Brokers in Europe and the US said the company has sold the 364,000-dwt ore carrier Berge Stahl (built 1986) "as is" in Malaysia for $496 per ldt, or $20.3m.
The bulker was by far the oldest in the Berge Bulk fleet. Berge Bulk acquired the ship as part of the Sohmen family's purchase of Bergesen DY of Norway in 2003.
When it was built, the Berge Stahl was the largest bulker in the world and continued to be so for many years.
The giant vessel was designed to transport ore from Brazil to Germany. In its first 10 years after it was delivered by Hyundai Heavy Industries’ Ulsan shipyard, it carried 50m tonnes.
Bergesen had the giant for the first 17 years of its life span.
"She was a solid vessel that served us well," recalled Morten Bergesen DY, who was the company's boss.
The Berge Stahl is due for special survey in December. It is unclear where and how the ship will be demolished, but scrap brokers said it is likely to be bound for Bangladesh.
Its sale comes as Berge Bulk has been expanding its fleet but has also sold off a slew of ships built in 2000 and earlier.
Berge Bulk does not comment on commercial matters. The company has a fleet of 78 bulkers, and most of them are capesizes and larger.
