Greece’s Nicholas Moundreas Group has realised an impressive profit margin on a Japanese-built aframax it acquired just 20 months ago, when tanker markets started going into a tailspin.

Ship management sources in Athens say Moundreas-family controlled NGM Energy has achieved a $35m price tag for the 105,300-dwt Baroness (built 2011).

The buyers of the vessel have not been disclosed yet.