Thoresen Thai Agencies (TTA) has sold an old bulker to Gayard Enterprises of Belize for $4.5m, TTA has announced.

TTA said that the sale of the 41,000dwt Thor Alliance, built in 1984, is in line with current dry bulk shipping conditions, in which older ships are less capable of meeting operating costs and become less competitive.

The profits from the sale will be used for younger second-hand ship acquisitions or for its new build vessel programme, the company said.

TTA’s fleet now consists of 38 vessels with 28,564dwt average size.

TTA is a Thailand-based integrated shipping group that owns and operates bulk carriers and general cargo vessels.