In a bid to bring down debt by $25-26 million, Varun Shipping Company is all set to sell its second very large gas carrier -- Maharshi Bhardwaj -- by May. Following the sale, the company will own two large and seven mid-sized gas carriers. Moreover, the company will focus on the mid-sized gas carrier segment, where haulage rates are relatively stable.
Earlier, the company sold Vishwamitra to Mercator for approximately $30 million, which reduced the company’s loans by about $25-26 million. The second sale will also reduce loans by the same amount.
Varun Shipping Company (VSCL) was incorporated on January 29, 1971. Later on February 18, 1972 it was converted into a public company. The company started its operation in 1973 by acquiring one product tanker. The company’s corporate headquarters and registered office are located in Mumbai.
