Investor and shipowner Fred Cheng has netted a profit from selling a 17-year-old capesize bulker for demolition, during a mixed week for scrap prices.

European scrap brokers said Cheng’s Shinyo International has sold the 172,600-dwt Shinyo Brilliance (built 2001) “as is” in Singapore for $440 per ldt, or $9.3m. It is unclear where it will be scrapped.

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Shinyo bought the vessel as Bulk Prosperity from Grand China Shipping in January 2017 for only $7.9m. It is the oldest of the company’s five capesizes.

The deal comes as the Baltic ­Exchange assessed demolition prices for a bulker destined for the Indian subcontinent at $432 per ldt. This was a slight dip from last week and the lowest price since 10 September, as the market has moved mostly sideways and regulatory uncertainty looms ahead of new European regulations.

Analysts said “mixed feelings” have been prevailing in the demolition market. Political uncertainty in Bangladesh and a weak currency in Pakistan were cited as reasons for the lull.

But reports of the Cheng sale emerged after TradeWinds revealed that Vardinoyiannis group company Avin sold a tanker for scrap at a firmer price, which was seen as a potential confidence-­builder.

The 44,500-dwt MR tanker Pearl (built 1997) was sold to cash buyer GMS, TradeWinds is told. The transaction was concluded “as is” at $450 per ldt. The Ukrainian-built ship is to be delivered in Singapore, where it is now at anchor.

Athens’ Allied Shipbroking is understood to have arranged the sale. The same broker was behind Avin’s previous demolition deal in early October for the 149,700-dwt suezmax Kamari (built 1997), which went to GMS at a similar price.

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Russian giant owner Sovcomflot (SCF Group) is reportedly disposing of two aframaxes.

The 106,500-dwt Moscow University and Moscow River (both built 1999) were sold “as is” in Singapore for $440 per ldt in deals that included 250 tons of bunkers. This equates to $8.1m for the Moscow University and $7.2m for the Moscow River, which are due for special survey in February and March.

SKS Tankers, which is part of Norway's KG Jebsen Group, has ­reportedly sold a second combined carrier for scrap in three months. The 109,800-dwt SKS Trinity (built 1999) is said to have been sold for green recycling to ­India for $440 per ldt, or $8.2m.

Eric Martin contributed to this story