Monaco-based Gestion Maritime has sold the oldest bulk carrier in its fleet. According to some information coming from broker sources, the 2002-built panamax named Matilde Corrado will be offloaded to the South Korean Sinokor Merchant Marine for US$4.8m. Sinokor has been very active of late eyeing secondhand tonnage.

The deal has been confirmed by Danilo Fumarola, CEO of Gestion Maritime, even if he did not disclose the identity of the buyer.

"I can confirm the Matilde Corrado has been sold to Korean buyers," he said, adding, "This sale is part of our ongoing project aiming at a fleet renewal based on selling older tonnage and buying new ones, either bulk carriers or tankers. We experienced a small recovery in dry bulk secondhand asset prices in the last few months."

Talking about possible new investments, Fumarola added, "On the newbuilding market the prices are historically low as many interesting opportunities are emerging. That's the best possible scenario for a company like Gestion Maritime interested in building up a long-term business in shipping."