The Zenith Shipping Group of Greek owner Sophocles Zoullas has concluded yet another lucrative sale of a supramax vessel in a strategy that has seen it raise nearly $110m in revenues since last year.

That compares with about $40m that Zoullas had spent to acquire the vessels in 2015 and 2016, when the market was in the doldrums — and represents a profit of approaching $70m over six years.

Very few people were daring to buy vessels at the time, when Baltic indexes were hitting multi-decade lows and bulkers were sent en masse to lay-up.