Tomini Shipping has made a chunky profit from the sale of an ultramax bulker it has owned for just under two years.

The Emirati owner has bought the 76,554-dwt vessel then known as Tomini Integrity (built 2016) for a reported $19.7m in July 2020.

The Dubai-based company sold the Japan-built vessel this month for a reported $33m, which is 67% more than it paid for the vessel.

The geared ship was built at Onomichi Dockyard and has been renamed Annegrit. The vessel passed its special survey in December and is fitted with a ballast water treatment system.

Equasis shows the buyer is Singapore-based Spring Valley Shipping Management, of which Tow Ling Low is managing director.

He is also managing director of Pacific Rim Shipmanagement, the entity that has ostensibly taken over low-profile Chinese owner Royal Marine Shipmanagement's bulker and wood-chip carriers over the past few years.

Several of Spring Valley's bulk carriers were previously controlled by Pacific Rim and Royal Marine.

Like Spring Valley, Pacific Rim also appears to be building its bulk carrier fleet.

In March, Pacific Rim was linked by market sources to the purchase of three ultramax bulkers from Norden of Denmark.

Norden was at that time said to have sold the 61,000-dwt Nord Arpeggio and Nord Adagio (both built 2022) for between $33m and $33.8m each. Both are newbuildings due for delivery this year from Nantong Cosco KHI Ship Engineering in China. They have been renamed MH Arpeggio and MH Adagio.

Norden also sold the 60,400-dwt Nord Columbia (built 2018) in February to a buyer said to be Pacific Rim. It is now named MH Columbia.

Equasis shows all three vessels are owned by single-purpose companies that are registered at the same address in Singapore and managed by Synergy Maritime.

Tomini, which is controlled by the Shaikh family, has been active in the sale and purchase market this year.

In March, the company was said to have purchased four handysize vessels from Interlink Maritime of Greece for around $102m en bloc, with charters attached.

Shipping databases show that the vessels acquired are the 39,900-dwt Chinese-constructed bulkers InterLink Audacity, Interlink Affinity, Interlink Tenacity and Interlink Utility (all built 2016).