Uni-Asia (SGX:CHJ) through a special purpose vehicle, Bloom Bulkship, signed a conditional agreement with Unicorn Bulkship to acquire the vessel M/V Uni Sunshine for $20.9 million, according to a Thursday filing with the Singapore Exchange.

The Sunshine vessel was sold to and chartered back to Uni-Asia's controlling shareholder Yamasa in 2018 through a bareboat charter deal. Unicorn holds a purchase option for the vessel and intends to exercise it on or after April 24, with the completion of the purchase to take place subsequently.

On April 3, Bloom Bulkship entered into a memorandum of agreement with Unicorn for the sale and purchase of the vessel.

The vessel is a 36,880 deadweight tonnage bulk carrier and sails under the flag of Hong Kong.