Varun Shipping signs MOA to acquire VLGC vessels

Mumbai, Dec 30: In order to expand its assets base in the hydrocarbon sector, Varun Shipping has entered into a Memorandum of Agreement (MOA) for acquiring a very large gas carrier (VLGC).

The cargo capacity of the VLGC is approximately 76.644 CBM, a company's release said here today. Varun Shipping will be the first Indian shipping company to acquire a VLGC, which is scheduled to be delivered in January and will be the largest gas carrier to be registered under the Indian flag.

The shipping firm has recently acquired a large gas carrier, LPG/C Maharshi Vamadeva. The aframax crude tanker, for which the company has entered into MOA, is scheduled to be delivered by January 15.

With the acquisition of the vessel, the company would have completed an investment of around USD 200 million out of the proposed expansion plan of USD 400 milion.

UNI