Swiss bulker owner Massoel Shipping has taken another step in a dramatic downscaling of the company’s fleet.

The outfit has found a trading buyer for a Sekwang Shipbuilding-constructed handysize bulker, the latest in a series of similar sales.

Brokers said Massoel has sold the 20,000-dwt Martigny (built 2002) to an undisclosed buyer for just $2.9m.