Greece-based owner Franco Naviera has picked up a bargain Japanese 2008-built handymax bulker for just US$10.1m, at least US$2m cheaper than the going rate for such popular tonnage. Japanese owner World Marine had put the Mitsui 56 design ship Medi Imabari up for sale last month with offers originally invited for December 20.

Demand for Japanese handymaxes has been very hot in the past 12 months with prices for eight or nine year old ships climbing by up to 50% since January 2016.