The end appears near for Fuzhou-based bulker player Fujian Guanhai Shipping with sources telling Splash it has sold its last handymax.
The China-flagged 48,000 dwt Guan Hai 308 has been sold for RMB82.58m ($12m) to local owner, Zhongchang Marine.
The sale comes six weeks after it was listed as selling another five-year old Hong Kong flagged panamax bulker for $10m to a fellow Chinese owner.
Guanhai, whose history dates back four decades, is now left with two small Chinese-flagged elderly boxships. Its sister firm Crown Ocean Shipbuilding was shuttered in January 2016.