Shipping billionaire Idan Ofer has banked a tidy profit after selling some of his shares in product tanker owner Ardmore Shipping.

A filing shows the stake held by the Eastern Pacific Shipping principal has been reduced from 10.5% to 4.9%.

This has seen the 3.625m shares owned through EPS Ventures cut to 1.97m.

The sale of 1.725m shares would have fetched $24.3m at the current price of $14.07