Trustees of bust United Ocean Group are nearing the end of the fleet sell-off of the Tokyo tonnage provider. Pireaus-based White Sea Navigation is understood to have taken the 2015-built supramax Ocean Morning for $21.85m. For White Sea, the Ocean Morning is a big step up in size; its existing three-ship fleet are three 32,389 dwt handies.
United Ocean, founded in 1995 by Indian national Vipan Sharma, filed for court protection on December 31 2015, saddled by debts of more than $1bn. Its fleet of seven car carriers and 33 bulkers has slowly been sold off in the ensuing 21 months.