Bermuda-based shipping company Courage Marine has entered into a memorandum of agreement (MOA) with Panama’s Universal Ship Investment Corp to sell MV Zorina, a Supramax bulk carrier.

Under the terms of the MOA, the 57,000 dwt ship will be sold for USD 7.3 million.

Market value of the bulker currently stands at USD 10.37 million, according to information from VesselsValue.

Built by Chinese shipbuilder Zhejiang Zengzhou in 2011, MV Zorina features a length of 190 meters and a width of 32.3 meters.

Courage Marine acquired the bulk carrier as a newbuilding resale in October 2011. The ship was bought from an unknown party from China for USD 27 million, VesselsValue’s data shows.

The vessel is scheduled to be delivered to the new owner on or before May 31, 2017.

The firm said it expects to use the net proceeds from the disposal to repay the bank loan which is secured by the ship.