Lomar Shipping is selling a 17-year-old panamax boxship for $40m more than it originally paid for the vessel.

The London-based company is understood to have sold the 4,992-teu Maine Trader (built 2004) for a hefty $54m price tag.

That is believed to be one of the highest prices ever paid for a vessel of this vintage.

Lomar acquired the vessel in 2014 for $14m as one in a series of distressed sales from the German market.