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Foresight buys Frontline ‘old lady’ for India trade

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Foresight Group run by London-based entrepreneur Ravi Mehrotra has bought a1999-built VLCC from John Fredriksen’s Frontline Shipping for an undisclosed sum.

The 306,000 dwt Front Circassia has been renamed MT Agra and joins Foresight’s existing two aframax tankers, Kanpur and Bareilly. The VLCC will be used predominantly to carry crude from the Middle East to the Indian market, according to her new owner.
 
“The reason for this decision is India’s continuing increase in imports of crude oil,” says Foresight executive chairman Mehrotra. “India already imports 5.2m barrels of crude every day with import expected to increase 10% every year as the Indian economy grows.”
 
With its operational HQ having recently switched to Dubai, Foresight Group International Ltd (FGIL) is a diversified international group with interests in shipping, offshore drilling, hospitality and leather goods. It formerly owned a significant reefer fleet but in recent years has focused more on offshore drilling, where it now owns six drilling platforms - including three brand new Le Tourneau Super 116e jack-up rigs, two of which are already at work off India.

Foresight’s intention to expand his tanker fleet were first reported on this site last month following Mehrotra’s annual winter BBQ, a must-attend social event on the London shipping scene. The company has said it aims to have a fleet of 10 vessels by 2020.

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