Norden has exited owning capesizes with the sale of its last vessel in the sector a $14.8m loss.

The Danish shipowner is selling its last capesize to undisclosed buyer the 180,310 dwt, 2004-built Nord Energy at an accounting loss of $14.8m. “The loss is especially driven by the development in fleet values seen in the fourth quarter of 2015,” the company commented.

Following the sale Norden will no longer own any capesize bulkers and has just one such vessel chartered in.

The company is instead moving to focus on the supramax and panamax sectors and also agreed to buy a 2010-built 58,000 dwt supramax for delivery in the first quarter of 2016.

Capesizes have been the worst hit sector in the collapse of the dry bulk market.