Japan’s Sanko Steamship is exiting the cape sector. Broker sources tell Splash that the one time shipping powerhouse has started circulating its last cape, the 2005-built Euro Fortune, a ship which MSI gives a fair market value of $20.1m.
The outfit will be left with two nine-year-old panamaxes when the sale is completed.
Sanko, famous in shipping for declaring bankruptcy twice in the last 40 years, has not showed any appetite to add ships to its fleet since 2014 when it bought the Euro Fortune.
Sanko shaved off its last two midsize LPG carriers in July to Zodiac.
Sanko is listed selling 120 ships and has now reduced its fleet size similar to when it started out in 1934 as a small coastal player.