Bulker owner DryDel has almost doubled its money by selling a Japanese-built ultramax it had owned for just 18 months.

Brokers report the Greek company, headed by president and chief executive Costas Delaportas, has sold the 61,645-dwt Luna Rossa (built 2010) to Chinese buyers for about $21m.

Market sources told TradeWinds the unidentified buyer is based in Hong Kong and did not inspect the ship.