The company said the vessel will beoperated by its subsidiary AmbiShipping, a 70/30 joint venture with Mitsui of Japan.

The Mitsui group will also build the vessel,a 56,000-dwt ship, for $26,6m.

Delivery is set for the first half of 2015.

MBC said: “The purchase consideration will be fundedby internally generated funds and there are no liabilities to be assumed by MBCgroup arising from the above acquisition.”

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