Agritrade Resources has announced that it has entered into a floating storage unit service contract with Glencore Singapore.
The contract is for a period of two years commencing on March 20 at a daily rate of around $40,000, and includes an additional option. Agritrade will utilise a VLCC it acquired from Euronav in January.
The company 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.
