Hong Kong-listed Agritrade Resources is eyeing more vessel acquisitions to meet the growing oil storage demand.

The company believes that the floating storage business for petrochemical products will have promising prospects for the coming years and will promote its long-term diversified growth in the future.

Agritrade said it has been in continuous discussions and negotiation with major oil trading companies regarding term storage contracts for its oil storage business, which brings stable cashflow to the group.

"We will closely monitor the market development of this sector and seek the best opportunities for any further expansion of the shipping segment through acquisition of new vessels and chartering of vessels in the Southeast Asia region to meet the growing market need in the region," the company said in its interim report.