China’s Rizhou Steel has disposed of one of its most costly and ill-timed investments.

The 171,000-dwt bulker RZS Fortune (built 1996), which is due for special survey next September, has been sold for demolition for $318 per ldt, or $6.2m.

The vessel is destined for recycling in either Pakistan or Bangladesh, depending on the seller.

Rizhou bought the ship as Sumihou at the peak of the market in November 2007, paying Mitsui of Japan a massive $106m.

Rizhou