Guj NRE gets new coal ships from Japan Shipyard

New Delhi, June 11: Gujarat NRE Coke Ltd today said it has signed a strategic agreement with first class Scandinavian owners to jointly acquire two vessels of 60,000 Dead Weight Tonnes (DWT) each on a time charter-basis.

The ships will be delivered from Japanese Yards in 2011 and 2012 for ten year charters with purchase options. This is expected to substantially aid the company's cargo movements between India, Australia and other destinations.

The investment involved in the agreement was not available.

''The company will also benefit against the fluctuations in freight rates in the medium term, apart from giving it an option to get all the benefits that accrue to a ship owner moving bulk cargoes on a regular basis,'' a statement said.

This is part of the company's strategic decisions, that has necessitated its move into ship acquisition, the company stated.

As part of the ongoing process of investment in infrastructure, Gujarat NRE will also set up for captive use, a railway siding in Dharwad, apart from constructing its own jetty in Belekeri, Karnataka.

''This will result in better logistical efficiencies and further reduction of operating costs,'' it said.

UNI