Hong Kong-listed Agritrade Resources has announced that it has entered into vessel time-chartering agreements with a Qatar-based company.
Under the agreements, Agritrade has granted the company the exclusive use of the shipping capacity of six sets of tugs and barge boats for construction aggregates, with an estimated monthly total capacity of about 130,000-150,000 metric tonnes.
The contracts are for a fixed period of three years and expected to bring stable monthly chartering revenues of $1m to Agritrade.
Agritrade Resources said it has been continuously expanding its business in order to further diversity its business and to mitigate its business risks amid the difficult situation in the global commodity markets.
Agritrade also acquired a VLCC from Euronav in January to expand its floating storage business.
