Around 14 capesize bulkers have been sent to the scrap yard this year.
Hyundai Merchant Marine recently sent one of its oldest capesize bulkers to the scrap heap.
Seoul-listed HMM is understood to have sold 186,000-dwt Hyundai Olympia (built 1987) for demolition.
Sources say the vessel fetched $456 per ldt in Korea, meaning a $9.9m cheque for the owner.
The number of panamax bulkers sold for demolition so far is 33 following the scrapping of another two last week.