Mumbai: Kolkata-based Apeejay Shipping, which has been operating exclusively in the dry bulk cargo segment, is planning a foray into the tanker and dredging sectors, and may also consider owning an offshore supply vessel.
Part of the Apeejay Surrendra Group, the company runs a fleet of eight bulk carriers, most of them Panamaxes, carrying coal and iron ore, and with an average age of 12 years.
Indian shipowners like Great Eastern, Mercator and Aegis have, between them, bought six bulk carriers and seven tankers over the past couple of years when prices of both new and second-hand tankers have been low. Apeejay themselves acquired a bulker for $7.5 million.
“We see particularly bright opportunities in the domestic dredging market, with the older ports needing to deepen their drafts to accommodate larger vessels,” said Apeejay Shipping’s chairman and managing director Karan Paul. “We will first make a small entry, and then scale up.”
The company has, meanwhile, appointed former Shipping Corporation of India chairman Sabyasachi Hajara on its board as an independent director.
