Njord Shipping has sold a nine-year-old handysize bulker for $16.75m, meaning investors have tripled their money in five years.

Oslo-based Njord bought the 36,000-dwt Nordic Malmo (built 2012) from a German bank at the bottom of the market in the third quarter of 2016.

The handysize has now been sold to a German investor.

According to Njord chief executive Henrik Naess, the deal means investors in the Nordic Malmo have tripled their equity.