AsiaGasGreater ChinaShipyards
Varun closes in on $420m Chinese VLGC series
India’s Varun Shipping has signed a letter of intent at China’s Jiangnan Shipyard for a massive order of VLGCs. Brokers report the deal is for six 80,000 cu m gas carriers worth a combined $420m.
Varun has been hampered by limited finances in the last couple of years with Splash reporting various cases of the Indian owner abandoning crews around the world.
In terms of its VLGC fleet, the only move the Yudhi Khatau-led line has made in the past month was to snap up an elderly BW ship last September in a $40.5m deal that includes a two-year time charter back.