Dry bulk shipping company Globus Maritime has agreed to offload its 16-year-old supramax vessel, called Sun Globe, through a wholly-owned subsidiary.

Constructed in 2007, the supramax bulker will be sold to an unaffiliated third party for $14.1m.

The new owner is anticipated to receive the vessel by the end of May.

The binding agreement to sell the 58,790 deadweight tonnage (dwt) supramax is subject to customary closing conditions.

Globus Maritime president and CEO Athanasios Feidakis said: “This transaction is in line with the Company’s new strategy to eventually divest assets that do not fit in with Company’s commitment to renew its fleet into modern and fuel-efficient vessels.”

Globus offers marine transportation services across the world through its fleet of nine owned, operated and managed dry bulk vessels.

These vessels are used for the transportation of iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes.

With a weighted average age of 11.4 years, the vessels have a total carrying capacity of 626,257dwt.

In another development, the company has reached three shipbuilding contracts for three new Ultramax vessels.

Last May, the company struck two contracts for the construction and purchase of two fuel-efficient bulk carriers.

The new ships, which will be constructed at Nantong COSCO KHI Ship Engineering, will be nearly 64,000dwt each.