Clipper has sold 15 bulkers in the past six months and Clipper Bulk managing director Frank G Jensen says it may sell one or two more units. He confirms the 23,400-dwt Clipper Beaufort (built 1997), Clipper Bounteous (built 1998) and Clipper Breeze (built 1997) have been sold to Vogemann of Germany.

Sources suggest the vessels have gone for in excess of $25m each. Clipper bought the trio in May 2003 for only $9.5m each.

Jensen also confirms the sale of the 28,200-dwt bulker Clipper Labrador (built 1998). In April, the ship was reported sold to China's Ocean Longevity for $28m.

All but one of the ships sold are between 20,200 dwt and 32,000 dwt. In February, Clipper also sold the 76,000-dwt Clipper Sussex (built 2005) to Orion Bulkers of Germany,reportedly for $51m.

"When the market is historically high, we think it is right to sell a few of our oldest ships and log profits," he said.

Despite the recent sales, Clipper is not reducing its presence in the handysize sector. Last month, it ordered another six 30,000-dwt Trader-type bulkers at China's Tsuji Heavy Industries for delivery in 2010.

Clipper has ordered a total of 40 sisterships at yards in China and India, representing a total investment of $1bn.

The Clipper group controls around 250 vessels, of which 100 are owned by the group.

The bulk division has a fleet of around 150 units.

By Trond Lillestolen, Oslo