Greek owner George Procopiou has flipped an ageing tanker he bought just three years ago at a healthy profit.

European brokers said his Dynacom Tankers Management has agreed to sell the DSME-built 305,800-dwt Poseidon I (built 2002) for $26m.

That is a high price, considering that Mitsui OSK Lines is believed to have sold its Mitsui-built 300,000-dwt Selene Trader (built 2003) earlier this month for just $23.5m.