Varun Shipping acquires largest LPG Carrier under Indian Flag

Mumbai, Jun 20 (UNI) Varun Shipping, one of the leading shipping companies in the country, has acquired a Very Large Gas Carrier (VLGC), Maharshi Bhardwaj, the company informed BSE today.

The new vessel, which has a cargo carrying capacity of 76,644 cbm, is the largest LPG carrier in the Indian fleet.

With the acqusition, Varun Shipping has become the first Indian shipping company to acquire a VLGC.

Varun Shipping now owns nearly 80 per cent of total LPG tonnage presently operating under Indian flag.

The vessel acquisition was financed partly out of its own resources and partly out of long term loan from ICICI Bank, company communication said.

Varun Shipping had sold one of its 1974 built LPG Carrier, Maharshi Vishwamitra on June 19.

The company had posted a 44 per cent drop in third quarter net profits, which fell to Rs 32.61 crore from Rs 57.99 crore in past year.

For the full year, the net profit stood at Rs 141.34 crore as against Rs 180.89 crore in last fiscal. The company currently owns a fleet of 19 vessels.

UNI