The Oshima-built, 42,000-dwt Geeta (built 1990) is reported sold for further trading to a Turkish buyer for $2.7m.
This is close to the demolition value of the ship, which ArcelorMittal bought at the peak of the market as Skala 1 for a full $38m in April 2008.
The company has another vintage bulker in its fleet, the 39,000-dwt Umang (built 1984), which it also bought in 2008 for $32m but is now worth just scrap value.
