Two ships previously owned by Genoa-based Cryo Gas Med shipping company has just been sold at auction.

According to shipbroking sources, the LPG carrier CGM Leopard was sold for US$1.7m to an undisclosed buyer. Sister ship CGM Tiger, renamed to Power S, was also sold and is now managed by Turkey's Umde Ship Management.

Italian bank Antonveneta had a €9m (US$10.1m) mortgage on the pair of vessels.

Cryo Gas Med's overall financial exposure with creditors amounts to over €12m (US$13.5m).