The joint venture between Petros Pappas-led Oceanbulk andAugustea-Bunge-York (ABY) fetched $445 per ldt, or just over $20m enbloc, frombreakers in India, according to brokers and cash buyers.

All three have been laid up off Labuan in Malaysian Borneo,it is claimed.

The vessels are the 64,796-dwt ABYO One (ex:GiovanniDella Gatta, built 1987) and sisterships 122,760-dwt ABYO Two (ex:Gina Iuliano,built 1990) and 122,760-dwt ABYO Three (ex:Luciana Della Gatta, built 1990).

Heron Ventures purchased 12 former Deiulemar vessels of between 65,000-dwtand 175,000-dwt at auction in January after they came onto the market followingthe biggest bankruptcy scandal in Italian shipping history.

Deiulemar Shipping filed for bankruptcy in October 2012 and its tankers were the first to be sold, leaving liquidators to dispose of the remaining bulkers.

Of the nine ships remaining the oldest was built in 1996 while the newest is a capesize delivered from China's New Times Shipbuilding in 2011.