Nord Reederei has sold the 15-year-old Nordrhine panamax bulker to Greece's Primebulk for US$3.8m, according to Clarkson Platou. The South Korean-built ship has a special survey due in September this year.

"The price achieved represents an appreciation in value on the back of the firmer scrap market and general improvement in S&P sentiment," noted the broker.

Primebulk has been busy of late. It has just sold the 21-year-old Japanese handysize New Mistral for US$1.8m to Middle Eastern interests.