The 2001 Japanese built, 298,412 dwt VLCC, classed by Bureau Veritas (BV), will be handed over to Agritrade Resources subsidiary Sea Oriental Line in Singapore, according to a stock exchange announcement by Agritrade Resources.
Coal mining and shipping freight and logistics services firm Agritrade Resources said the group has been looking for opportunities to expand its floating storage and ocean freight business by means of acquisition and chartering of new vessels.
The latest vessel acquisition will be the group’s second VLCC since its first VLCC purchase in February 2015.
“The board believes that the group has accumulated sufficient expertise and experience in the opeation and management of the floating storage and ocean freight business and considers that long term floating storage service and ocean freight (time chartering) contract(s) will be entered into with sizezable international oil giants after the acquisition,” Agritrade Resources said in a statement.
Agritrade Resources will fund the VLCC acquisition with internal resources and bank borrowings.
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