South Korea-based Heung-A Shipping has currently bought a 19,991dwt second-hand chemical tanker for KRW27.3bn (US$25.25m).

According to a Korea Exchange filing, the company announced that HF Pioneer will be operated through a Bareboat Charter Hire Purchase (BBC-HP) from April 30, 2015.

BBC-HP is a commonly used ship financing method in South Korea. Under this arrangement, the bank is the ship's legal owner while the borrower makes repayments through charter fees. Upon completion of the loan repayment, the borrower assumes legal ownership of the vessel.

Heung-A Shipping said, "The purpose of the investment is to increase our sales capacity."

According to IHS Maritime data, the ship, built in 2010, was previously operated by Japan's Sanko Steamship, but it was redelivered when the company went into receivership in 2012. The vessel's previous owner is Fukuoka Shipbuilding, a Japanese shipbuilder.

The amount to be invested is 17.6 percent of the carrier's equity capital in 2013, which was KRW155.34bn.