Denmark's Clipper Group has disposed of 16 vessels as part of a refinancing deal with lenders.
The company told TradeWinds that the sales include its last four multipurpose carriers and certain bulkers.
"The sold bulk carriers remain in Clipper's commercial and technical control," it added.
In its annual report for 2016 published this year, Clipper said in 2014 it agreed a comprehensive financing agreement maturing early in 2018, which ensured "a robust cash flow model."
