Sources says the deal covers 14 Maersk medium range product tankers built between 2016 and 2020 and will see each vessel sold to CDB Leasing for over $30m

Sales and purchase brokers note trend of elderly tanker tonnage being sold to anonymous buyers for sanctions busting

The company posted a third quarter of the year loss of $10.1m, compared with a loss of $39.1m for the same period a year ago

TEN reported a net income of $1.4m for the third quarter of 2020 compared with last year’s $9.5m loss in the equivalent period

Revenue for the quarter fell to $42.3m partly because of the sale of six vessels in 2019 and two more bulkers so far this year

Until mid-2020 Greek ships transported 80% of cargoes from the South American country, but drastically reduced exposure after US sanctions briefly imposed on four ships owned by prominent Greek families

The company has agreed to sell five kamsarmaxes, built in 2016 and 2017, for a total of about $101m. It continues to reduce its fleet as it works towards its final aim to move to the offshore wind market

Company says the 2019-built ultramax will be deployed on its key trading routes, including for the transport of sulphur from its Ruwais facilities

Japanese owners were believed to be selling older bulkers as local steel mills reduced their tonnage demand, said VesselsValue head of cargo analysis Olivia Watkins