China’s Shandong Shipping has succeeded in offloading an elderly product tanker at auction despite what brokers say is a muted sale-and-purchase market.

The 40,000-dwt MR1 Shandong Zihe (built 2004) fetched $14.45m through a commercial Chinese online auction site, brokers said.

Delivery will be in the UK or Mediterranean in December, but the buyer is unknown.