An unnamed Asian company is said to have acquired a resale ore carrier at Japan’s Universal Shipbuilding.

Market sources say Japanese trading house Mitsubishi Corp sold the 297,000-dwt newbuilding for $75m. The vessel is due for delivery during the last quarter of next year.

They add that Mitsubishi originally ordered the vessel on behalf of Korea Line Corp (KLC) of South Korea but the latter defaulted on the ship after going under court protection early this year.

A handful of buyers are said to have showed an interest in the bulker, including Japan’s leading trio Nippon Yusen Kaisha (NYK), Mitsui OSK Lines (MOL) and Kawasaki Kisen (K Line).

Sources claim Mitsubishi has made a huge loss on the sale as it was booked at the top of the market for slightly less than $110m.