Petros Pappas is believed to have bought up a medium range products tanker in a deal that sets a new price level in the market.
His Product Shipping &Trading is said to have secured the 47,000-dwt Nord Observer (built 2007) from Daiichi.
A price of between $14.7m and $14.5m is being placed on the deal by brokers.
Some point to the $14.25m paid for the older 48,500-dwt Challenge Prospect (built 2005) three months ago as evidence of softening values.
Management at Product Shipping &Trading could not be reached for comment at the time of writing.
