Rising bulker prices helped John Fredriksen offload a pair of kamsarmaxes at about the same price the Norwegian tycoon paid when he acquired them as newbuildings nine years ago.

The ships’ new owner turned out to be Turkish-backed Densay Shipping, a rapidly expanding Dubai company whose fleet has exceeded the 30-ship mark and may even be racing towards 40 vessels.

Densay made its last known move in the secondhand market last autumn, when it swooped on a nine-year-old capesize previously owned by the Noble Group for about $28m.