The Japanese have been the most active owners in 2016 in terms of selling off dry bulk tonnage amid the dire freight rate market environment.

Iino Kaiun Kaisha becomes the latest to join the selling frenzy. It has pocketed US$9.4m from selling the eight-year-old Atlas Island panamax. The 76,554dwt Imabari-built vessel was taken by Monaco-based Transocean Maritime Agencies, according to brokers.

Japanese tonnage has been in high demand among dry bulk owners seeking bargains this year, with any ship coming on the market generally getting double digit numbers of inspections.