SITC International Holdings (SITC) has announced the company has sold one 847 teu container vessel to its indirectly owned company, SITC Steamships, at a price of $3.4m.

The container vessel, SITC Shanghai, was originally acquired by the company in 2002 at a cost of $12.4m.

The sale of the vessel will enable the company to generate cash for working capital and to further optimize the fleet structure of the company.

SITC operates 66 container vessels on routes to 51 major ports in Asia.