Greater China

Rimau Shipping acquires secondhand VLCC

Hong Kong: Hong Kong listed Agritrade Resources has announced that Rimau Shipping, an indirect wholly-owned subsidiary of the company, has entered into an agreement to acquire a secondhand VLCC “Oveseas Equatorial” from First Union Tanker, a subsidiary of Overseas Shipholding Group, for $22m.

The vessel will be delivered to Rimau Shipping before the end of the year.

Agritrade Resources said the company is looking for opportunities to expand its shipping business through developing its logistics and storage business, and buying and charting vessels in the Southeast Asia region to meet growing market demand. [14/11/14]

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