India’s Five Stars Shipping appears to be selling its oldest ship into a quiet demolition market.
The shipowner is said to have sold the 71,000-dwt bulker Prema (ex-Prema One, built 1995) to Pakistan for $3.9m to $4m, shipbrokers say.
Five Stars, which is listed with a fleet of seven bulkers, bought the ship from E Nomikos Corp of Greece for $24.5m
