Singapore: Red Dot Shipping, the gas player launched in Singapore last year, is scouring the market for its first ship. Founded by two LPG veterans, one from Varun and the other from Norgas, Red Dot has secured a number of investors and is now looking to build up a fleet. Jyotirmay Majumdar, one of the Red Dot founders, told Splash the company is after second hand tonnage in the 20,000 to 30,000 cu m range.
Majumdar revealed Red Dot came close to sealing its first ship last year, but was pipped to the post at the last minute by a competitor.
“We are now very close to finding the right ship, we are just waiting for prices to come down a bit,” Majumdar said.