Container shipping firm SITC International Holdings has sold a 847 teu container vessel at a loss to SITC Steamships, majority owned by the wife of Yang Shaopeng, the controlling shareholding of SITC International.

SITC Steamships, 62.5% owned by Liu Rongli, will buy the 2002-built SITC Shanghai at a price of $3.4m.

The small boxship was originally acquired by Hong Kong-listed SITC International at a cost of $12.4m. The profits attributable to the vessel were $1.2m and $1.7m in 2012 and 2013 respectively, according to SITC International.

The group added that it expected to book a loss of $2.4m on the disposal of the vessel.

“The vessel is one of the older vessels owned by the group. The sale of the vessel will enable the company to generate cash which is intended to be used for general working capital purpose,” SITC International said.