Hong Kong-listed Agritrade Resources has announced that its subsidiary, Sea Oriental Line, has entered into an agreement with Euronav for the acquisition of a VLCC.
Sea Oriental Line has snapped up the 2001-built 298,412dwt VLCC Famenne for $38.4m.
for $38.4m.Agritrade Resources said it has been continuously looking for opportunities to further expand its floating storage and ocean freight business by means of acquisition and chartering of new vessels, amid the difficult situation in the global commodity market and persistent strong market demand for floating storage for the oil industry.
The vessel is the second VLCC the company has acquired, having purchased its first VLCC in February 2015.
