India-based Chambal Fertilisers & Chemicals has sold its first aframax tanker at a book loss of approximately US$17.4m, after announcing in December it would sell all five vessels in its fleet.

The China-built tanker Ratna Puja (104,600dwt, built 2006) was sold for US$22.5m to Liberia-registered Sumire Navigation, according to a filing to the National Stock Exchange of India.

Online platform VesselsValue.com estimates the ship's current market value at US$24.08m. The sale is expected to be completed by April 30.

The shipowner said that the tanker's book value was INR262.98 crore (US$39.9m), as of Dec. 31, 2015.

Chambal said in December that the fleet is being sold to generate funds to set up a new ammonia-urea project in Rajasthan. The decision to offload the fleet was based on "the long-term shipping business outlook", according to the company.