Tomini Shipping has once again demonstrated how profits can be made by buying and selling ships.
The Dubai-based company showed itself as a shrewd asset player in 2016 when it bought seven bulkers cheaply and sold them the following year at a profit.
US broking sources have now said the company has taken profits on two Chinese-built supramaxes.
The 56,000-dwt Tomini Ability and Tomini Infinity (both built 2010) were reportedly sold for close to $11m each, brokers said.
Tomini did not respond to a request for comment.
The Tomini Infinity was purchased in October 2016 for $7m and the Tomini Ability was bought from Golden Union the following month at the same price.
S&P player
In December last year, Tomini made an even bigger profit when it sold the 53,000-dwt Tomini Dignity (built 2010) for $10m. It bought the vessel for $5.6m from a German KG (limited partnership) owner in August 2016.
Tomini chief executive Nitin Mehta previously told TradeWinds that the company made profits on trading those ships while it had them in operation.
The sales proceeds will be used to part finance the three ultramax and three kamsarmax bulkers that the company has on order in China.
