Hong Kong-based Agritrade Resources Limited’s subsidiary Fair Cypress has signed long-term charter agreements with an undisclosed Qatar-based party for a fleet of tug and barge boats.
Under the agreement the company will charter out six vessels which will be used for the shipment of construction aggregates.
The vessels will move an estimated monthly capacity of approximately 130,000-150,000 metric tonnes.
The long term agreements were signed for a fixed three-year period.
Agritrade Resources expects that the charter deals will contribute a monthly chartering revenue of approximately USD 1 million.
The deal forms part of the company’s business diversification strategy amid tough market.