Red Dot closes in on first ship acquisition

Red Dot closes in on first ship acquisition

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.

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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