Ningbo Marine has scrapped an old panamax bulker for demolition at yard in China.

The Shanghai-listed shipowner has sold its 64,145-dwt Ming Zhou 28 (built 1984) for CNY 28.45m ($4.5m).

The ship, which was built in Denmark, is expected to be delivered to the breakers yard on or before 25 June 2012.

The shipowner said the ship’s deteriorating condition as well as fuel consumption levels had made the vessel uneconomical to maintain.

“The sale of the vessel will benefit the company in terms of fleet renewal and upgrade, and removing older and less efficient vessels will help to modernise our fleet,” Ningbo Marine said.