Uni-Asia's (SGX:CHJ) joint venture company, Amity Bulkship, signed a conditional memorandum of agreement with Olive Bulkship to acquire the vessel M/V Kellett Island for $22.7 million, according to a filing with the Singapore Exchange on Tuesday.

Uni-Asia owns a 75% stake in Amity Bulkship and an 18% interest in Olive Bulkship, the filing said.

Olive Bulkship exercised the first purchase option for the vessel under a bareboat charter arrangement with Yamasa in 2015, which owns 82% of its stake.

The vessel is a 57,836 deadweight tonnage bulk carrier and is chartered out to unrelated third parties.