Varun closes in on $420m Chinese VLGC series

Varun closes in on $420m Chinese VLGC series

India’s Varun Shipping has signed a letter of intent at China’s Jiangnan Shipyard for a massive order of VLGCs. Brokers report the deal is for six 80,000 cu m gas carriers worth a combined $420m.

Varun has been hampered by limited finances in the last couple of years with Splash reporting various cases of the Indian owner abandoning crews around the world.

In terms of its VLGC fleet, the only move the Yudhi Khatau-led line has made in the past month was to snap up an elderly BW ship last September in a $40.5m deal that includes a two-year time charter back.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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