Trafigura has agreed to sell five unnamed MR tankers to China Development Bank Financial Leasing (CDB Leasing) in a deal announced on Monday.

The Hong Kong-listed leasing arm of state-owned China Development Bank said it will pay the commodities giant $140m for the vessels.

The vessels are owned by White Flag Ventures XVIII LLC, White Flag Ventures XIII LLC, White Flag Ventures XX LLC, White Flag Ventures XXII LLC and White Flag Ventures XXIII LLC, which in turn are controlled by Singapore-registered Trafigura Group Pte, the main holding company for the Trafigura group.