JME Navigation sold supramax bulker M/V Michael S

Greek ship owner JME Navigation has sold a 2001 built supramax bulker M/V Michael S 50,200 DWT Eastern Mediterranean Maritimea for $2.1m a fraction of what it paid for the ship in 2008. JME bought the vessel from China’s Chellaram Shipping when the market peaked in May 2008 as M/V Darya Gyan for a massive $68.5m. JME‘s fleet is in the process of selling for scrap the second of its 4 bulkers, the 41,700 DWT M/V Eirini K (built 1996). Greek owner bought the Eirini K for a pricey $33m in April 2007 as M/V Glyhafiloussa from Dinos Martinos—controlled compatriot Thenamaris Shipping.