NASDAQ-listed Eagle Bulk Shipping revealed that it had sold the oldest vessel in its fleet at a loss of US$5.7m.

The handymax Kite (47,200dwt, built 1997) was sold to an unknown buyer for US$4,297,100 after brokerage commissions, the company said in its financial results for the first quarter of 2015. The loss will be realized in Eagle Bulk's second-quarter results.

The company decided to sell the vessel in April but the vessel was not available for delivery before April 29. The sale was finalized on May 7.