Gunvor has achieved a 50% return on its investment in two MR product tankers through a joint venture with Top Ships, according to the Geneva-based trading giant.
The 50:50 venture, which was established in 2017, sold the 49,703-dwt sisterships Holmby Hills and Palm Springs (both built 2018) in March and April separately.
While declining to offer more details on the transactions, Gunvor said they realised a profit of about 50% on its initial equity investments before costs.
