Varun Shipping to sell VLGC

Indian company looks to reduce debt.


 Varun Shipping is looking to sell its second Very Large Gas Carrier by May to reduce debt.

Reports from India suggest the Mumbai-based owner is looking to sell the 76,644-cbm Maharshi Bhardwaj (built-1992) for a fee close to $25-$26million.

Online valuation and tracking service lists the Korean-built tanker at an estimated $23.4m.

In February Varun Shipping sold the 76,932-cbm Maharshi Vishwamitra (built-1992) to fellow Indian owner Mercator for approximately $30 million.

That sale is said to have helped Varun reduce its loans by approximately $25-26 million. The company hopes the second sale will also reduce loans by the same amount.

After the two sales, Varun Shipping will own two large and seven mid-sized gas carriers. The company says it will focus on the mid-sized gas carrier segment, where haulage rates are relatively stable.”


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