Varun Shipping to sell VLGC

Indian company looks to reduce debt.
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 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 VesselsValue.com 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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