Fairfax India spends $72m buying 41% stake in Seven Islands Shipping

Fairfax India spends $72m buying 41% stake in Seven Islands Shipping

Investment company Fairfax India has spent INR5bn ($72.1m) buying a 41.4% stake in India’s second largest tanker company, Seven Islands Shipping.

Mumbai-headquartered Seven Islands said will use the proceeds to expand its fleet, which today stands at 14 vessels of about 1m dwt.

“We are very impressed with Seven Islands’ growth under the leadership of its managing director, Captain Thomas Pinto. The company has an impressive track record of acquiring vessels and deploying them effectively to earn attractive returns over the course of life of the vessel,” said Prem Watsa, chairman of Fairfax India.

Pinto responded, saying, “We will now expand our fleet with the objective of becoming one of the leading shipping companies in India.”

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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