United Ocean Group (UOG), a tonnage supplier to Japanese owners, which sought court protection in Tokyo on Dec., 31, continues to shed tonnage.

Greece's Alpha Bulkers Shipmanagement has paid US$17.7m to take the two-year-old Imabari-built kamsarmax Ocean Lord. Earlier this year, UOG also sold another kamsarmax and two supramaxes.

Data from VesselsValue.com shows UOG's fleet now stands at 33 live ships with two more on order.

The company, founded in 1995 by Indian national Vipan Sharma, filed at the end of last year, saddled by debts of more than US$1bn.