Russia’s shipping major Sovcomflot has completed its exit from the dry bulk segment with the sale of its last two Panamax bulkers.

The move is part of Sovcomflot’s ongoing fleet modernization and optimization program, which has seen the company dispose of 10 aging vessels in the first half of this year.

In addition to the bulker pair, the Moscow-listed owner also sold two MR oil products ships, two Panamax product tankers and a pair of Aframax tankers and Suezmax tankers.

“A total net sale proceeds of $112m will be used to finance Sovcomflot new projects,” the company said.

Russia’s top shipping line has a fleet of 137 vessels with a total of 11.8m DWT, including vessels owned through joint ventures.