Modion tipped as buyer of bulker at firm $10.4m

Sources say the Japanese-controlled vessel has changed hands for $10.4m.

That price is surprisingly firm given steadily falling bulker values. Online platform VesselsValue.com estimates the ship to be worth $9.25m.

For Modion, the price is good compared with its last foray into the sale-and-purchase (S&P) market. Last February, it bought two Japanese-built panamaxes, the 76,000-dwt Top Courage and Pos Dignity (both built 2004), for $21.4m