Taiwan Navigation appears to have sold a 16-year-old panamax bulker even though potential buyers were not able to inspect the ship.

Authorities in Dalian, China, are understood to have blocked inspections of the 77,000-dwt Tai Promotion (built 2004) due to coronavirus concerns.

But an undisclosed buyer has reportedly waived inspection and purchased the vessel for $6.5m. VesselsValue estimates the bulker, built at Taiwan's CSBC, is worth $7.7m.

Taiwan Navigation did not respond to requests for comment.

The Taiwanese company is listed with a fleet of 15 bulkers from supramaxes to kamsarmaxes that are on average six years old.

Updating fleet

The sale of the Tai Promotion appears to fit into a fleet renewal effort by the outfit.

In June last year, Taiwan Navigation sold the sistership Tai Progress (built 2004) to YKJ Shipping of China, reportedly for $7.5m.

This followed a series of orders.

In September 2018, the company reportedly booked a pair of 64,000-dwt bulkers at Oshima Shipbuilding, with scrubbers installed.

And in March last year, the Taipei-based company signed up for two 80,000-dwt bulkers at Namura Shipbuilding costing $33.9m per vessel.

Then in November, Taiwan Navigation ordered a 80,000-dwt bulker at Namura and a 60,000-dwt vessel at Oshima for a total of $64.1m.

The shipowner has said the latest Japanese-built newbuildings were intended as replacements for older tonnage.