Colonial Navigation, the tanker company controlled by Mario Stafilopatis has continued to sell off MR product tankers that are among the oldest in the company’s fleet at around 15 years old.

The 3 May yard-built 46,000-dwt Mercini Lady (built 2004) has been sold to an undisclosed buyer for $11.5m, according to US brokers.

They said the 16-year-old tanker, which passed its special survey last September, has already been handed over to its new owner.