Korea Line offloads supramax quartet 

SM Group’s Korea Line Corp has continued to offload tonnage, taking the number of ships exiting the fleet this year to ten.

The Seoul-based diversified owner has been reported of selling a quartet of supramax bulkers en bloc, following a $53m deal to offload two capesizes to China’s Jiangsu Steamship.

S&P sources suggest a deal worth up to $50m has been struck with an undisclosed buyer for 2010-built 57,300 DWT sister vessels Global Genesis, Global Hope, Global Frontier and Global Brave.

The Korean owner has been active on the sale side since May this year when it cashed in on four modern VLCCs at $116m apiece in a deal with Saudi Arabia’s Bahri, which has been robustly renewing its supertanker fleet since late last year.

Korea Line’s supramax fleet is listed on VesselsValue with the four vessels agreed for sale, which would indicate the company’s exit from the segment.