Shanghai: Chinese firm Ningbo Marine has offloaded a 64,145 dwt panamax bulker from its fleet for a demolition price of RMB28.45m ($4.47m).The 1984-built Ming Zhou 28 bulker was acquired by Ningbo Marine in March 2001.Shanghai-listed Ningbo Marine said the operational condition of the 28-year-old Ming Zhou 28 is deteriorating and the cost of maintaining the vessel is increasing for the company.“The sale of the vessel will benefit the company in terms of fleet renewal and upgrade, and removing older and less efficient vessels, which would help to modernise our fleet going forward,” Ningbo Marine said in a statement.