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Varun Shipping to expand fleet

Varun Shipping to expand fleet

Mumbai: Varun Shipping has announced plans to spend Rs20bn ($445m) over the next 6-8 months on the purchase of second hand vessels to build up its fleet of tankers, gas carriers and offshore vessels. The company, which currently owns 17 vessels, will finance the fleet expansion with a combination of funds raised through sales of shares as well as internal accruals including loans and the sale of ships. Varun Shipping announced an increase of 5 % in net profits for the quarter ending September 30 and expects to do better over the winter months.  [31/10/06]

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