Varun Shipping sails high on vessel acquisitions

DALAL STREET SPIKES

Varun Shipping Co moved 3.8 per cent to Rs 50.05 after it announced that its wholly owned subsidiary, VSC International Pte Ltd, Singapore, has signed an Memorandum of Understanding (MoU) for the acquisition of three LPG carriers.

The scrip had closed at Rs 46.25 in Wednesday's trades. These 1991 built modern vessels, with a cargo carrying capacity of around 35,500 cbm will be delivered between August and November this year.

This acquisition takes the total investment made by the group in the current financial year to around Rs 10,000 million. The company will own nineteen vessels, including eleven LPG carriers, post acquisition.