Financial Daily from THE HINDU group of publications
Thursday, Mar 09, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 09, 2006 |
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Logistics
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Shipping Apeejay plans to buy 3 bulk carriers Santanu Sanyal
Kolkata , March 8 Apeejay Shipping (erstwhile Surrendra Overseas Ltd) is busy buying and selling ships. Last October, the company acquired two bulk carriers, "APJ Jad" (2002-built, 52,454 dwt, super handymax) and "APJ Suryavir" (1990-built, 71,037 dwt, Panamax). It now proposes to acquire three more, all Super Handymax type. Only a couple of weeks ago, the company sold "APJ Anjli", (27,000 dwt) a 24-year old handymax. The plan is to sell one more ship of the same capacity, the 23-year old "APJ Sushma". The October acquisition pushed up the company's tonnage to 3,63,000 dwt. The sale of "APJ Anjli" has brought it down to 3,36,000 dwt. It is likely to drop further to 3,09,000 dwt as soon as "APJ Sushma" is sold. The acquisition of three more super handymax vessels, most probably within the next two to three months, will boost the tonnage by another 1,50,000 dwt or so.
To boost tonnage
"We are in the market in search of right type of ships," a spokesman for the company told Business Line, adding, "the cost of a ship might vary between $27 million and $29 million depending on the age and we are looking for age group ranging from three to five years". A 2002-built super handymax of 52,000 dwt might cost around $28 million. For the first time in five years, none of the company's vessels were detained in any of the foreign ports by the Port State Control.
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