Varun Shipping acquires largest LPG Carrier under Indian Flag

Varun Shipping Company Ltd has announced that the Company has acquired a Very Large Gas Carrier (VLGC), MAHARSHI BHARDWAJ on June 18, 2007. The new vessel has cargo carrying capacity of 76,644 cbm. This will be the largest LPG carrier in Indian fleet. The Company is the first Indian shipping Company to acquire a VLGC.

With the addition of this ship, the Company will own around 80 per cent of total LPG tonnage presently operating under Indian flag.

The Company"s vessel acquisition was financed partly out of its own resources and partly out of long term loan from ICICI Bank Ltd.

The Company has sold one of its 1974 built LPG Carrier, Maharshi Vishwamitra on June 19, 2007.

The stock was trading at Rs.56.70, up by Rs.1.75 or 3.18%. The stock hit an intraday high of Rs.57.80 and low of Rs.54.80. The total traded quantity was 95335 compared to 2 week average of 35280.

Source : Equity Bulls

Keywords