Its Hong Kong-listed parent, Agritrade Resources, said it was paying $22m for the 300,000-dwt Overseas Equatorial (built 1997).
Rimau, which is involved in vessel chartering, now plans to expand its shipping operations.
Agritrade said: "The company is looking for opportunities to expand our shipping business through developing our logistics and storage business through buy and charter vessels in the Southeast Asia region to meet the growing market need."
It
