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Glencore takes Agritrade VLCC

Singapore: Rimau Shipping, an indirect wholly-owned of Agritrade Resources, has entered into a floating storage unit service contract with Glencore. The floating storage unit is the VLCC that Rimau acquired two weeks ago for $22m. The 12-month contract is worth $12.8m.

“The completion of the acquisition of the VLCC vessel provides the vompany with the opportunity to fit into the diversification strategy by establishing its strategic oil infrastructure at the energy trading hub located in the Southeast Asian water region,” Agritrade said in a release.

Wong Man Hung, Agritrade’s vice chairman, said “ The company will continue to expand its shipping business by developing its own logistics and storage business through buying and chartering vessels in the Southeast Asia region which is an important key for Agritrade to enhance its business diversity.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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