Seven Islands takes seventh MR in just 18 months

Seven Islands takes seventh MR in just 18 months

Indian owner Seven Islands Shipping buying spree continues, completing its fourth purchase this year.

More ships are in the pipeline, as the company is inspecting ships attempting to live up to a recently won award, bestowed with the honour of Highest Growth of Indian Flag Vessels at the recent 55th National Maritime Day celebrations.

The company is also receiving fresh capital from private equity funding from FIH Mauritius Investments – an arm of Canadian investment company Fairfax Financial Holding.

This time the tanker specialist has laid down close to $9m for the 2004-built MR tanker UACC Strait from Dubai’s UACC. The ship has already been delivered to Seven Islands and renamed Gallant.

Data from VesselsValue shows that this latest purchase is Seven Islands’ seventh MR-sized tanker bought since early 2018.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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