Jiangsu Steamship Co (JSSSC) has flipped an 11-year-old Chinese-built panamax bulker for twice the price it paid in an auction sale six months ago.

It is also refurbishing a 16-year-old, scrap-priced panamax as the fourth acquisition it will manage for its quickly growing but still low-profile domestic partner, Ningbo Chuntai Shipping.

Brokers say JSSSC sold the Hudong Zhonghua-built, 74,000-dwt Grand Legend (built 2006) to an undisclosed third party for $8.5m.