The company said the 847-teu SITC Shanghai has gone for $3.4m to SITC Steamships, which is 62.5% owned by Liu Rongli, spouse of SITC's controlling shareholder and executive director Yang Shaopeng.

The vessel made a profit of $1.2m and $1.7m in 2012 and 2013 respectively.

But SITC is expected to book a loss of $2.4m on the deal.

It said the ship was one of the older units in its fleet.

"The