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Marine Log

December 28, 2006

Varun to acquire VLGC

India's Varun Shipping Company Ltd is continuing its expansion plan. It has entered into a Memorandum of Agreement (MOA) to acquire a 76,664 cu.m Very Large Gas Carrier (VLGC). The ship is scheduled for delivery in June/july 2007 and will fly the Indian flag.

Varun will be the first Indian shipping company to acquire a VLGC.

On December 18, Varun acquired a Large Gas Carrier, LPG/C Maharshi Vamadeva. A previously agreed on Aframax crude tanker is scheduled to be delivered by January 15, 2007.

With these three acquisitions, Varun will have investment of around US$200 million of the $400 million in its proposed expansion plan.

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