Varun Shipping sets record in Indian shipping industry

Mumbai, Dec 28 (UNI) Shipping giant Varun Shipping, today set a record in the annals of Indian shipping industry, by becoming the first Indian company to enter into a Memorandum of Agreement (MOA) for acquiring a Very Large Gas Carrier (VLGC) having a cargo carrying capacity of approximately 76,644 cbm, the largest gas carrier to be registered under the Indian flag.

The company informed the Bombay Stock Exchange (BSE), that the MOA was entered into in a bid to expand it's asset base in the hydrocarbon sector.

The delivery of this VLGC is expected in June-July next year.

It had previously acquired a Large Gas Carrier, LPG/C Maharshi Vamadeva on December 18, 2006.

It is worth mentioning here that the aframax crude tanker for which it had entered into another MoA is scheduled to be delivered by January 15 next year.

With the acquisition of these vessels, the company has completed an investment of around USD 200 million out of the proposed expansion plan of USD 400 million.

UNI SN WD SKB1803