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.”