Varun to acquire large gas carrier

Business Standard, Mumbai


Mumbai-based Varun Shipping has signed a memorandum of agreement (MoA) for acquiring a very large gas carrier (VLGC) with a capacity of approximately 76,644 cbm. This is the first Indian shipping company to acquire a VLGC. The carrier will be delivered in June-July, and will be the largest gas carrier to be registered under the Indian flag. Varun Shipping has recently acquired a large gas carrier, Maharshi Vamadeva, for transportation of liquefied petroleum gas. To add, the Aframax crude tanker for which the company has entered into memorandum of agreement is scheduled to be delivered by January 15. With these acquisitions, Varun Shipping has completed an investment of around $200 million out of the proposed expansion plan of $400 million.