Hong Kong-based Agritrade Resources Limited has decided to dispose of one of its very large crude carriers (VLCCs) Sea Latitude. The carrier was built in 2001 by a South Korean shipyard. The company cited the age and high maintenance costs as the major reasons for the sale.

The company has inked a memorandum of agreement with Singapore-based Da Shun Shipping to sell the vessel for US$22.5 million.

The delivery of the vessel is expected on or before August 7, 2018.

It is worth noting that the crude shipping industry is plagued by low freight rates in the first half of 2018. The earnings for VLCCs during the period were only
US$6,001 per day on average.