Bangladesh’s Meghna Group of Industries has bought a Japanese-owned ultramax bulk carrier, according to reports from brokers.

The company is said to have paid $29.2m for Tokei Kaiun’s Iwagi-built 63,000-dwt Nord Magellan (built 2020), which market sources said was coming off a long-term charter to Danish bulker player Norden.

The price is about $3.3m