The 1993-built, 43,400 dwt bulker was sold to Jiangmen Zhongxin Shipbreaking & Steel Co for RMB10.86m ($1.77m), according to an announcement made to the Shanghai Stock Exchange by CMES.
CMES said the bulker Ming Fen is left with around 3.5 years of operational life before it reaches the mandatory scrap age of 25.
The bulker and tanker shipowner said it is waiting to take delivery of 12 new eco-friendly bulkers of 61,000-64,000 dwt in capacity between the third quarter of 2015 to the second quarter of 2016.
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