Apeejay Shipping News

India's  Apeejay Shipping said it has acquired a new Japanese 76,602 MT DWT Gearless Panamax vessel to take its fleet size to nine. The ship has been renamed APJ Kabir Anand. The expansion schedule of Apeejay Shipping has seen the company acquire 3 Gearless Panamax vessels since September of last year and increase its fleet capacity by 2,27,311 MT DWT. This takes the fleet size to 9 with a DWT of 5, 94, 558. “This is a good time to own quality assets. A positive movement in the freight market due to general increase in demand as a result of growth in world economy and a drop in the supply, freight market is expected to be favourable for the industry in the coming years.

Apeejay Shipping, an Apeejay Surrendra Group company, has announced the acquisition of a 76,602 MT DWT Gearless Panamax, Japanese build. The ship is renamed ‘APJ ANGAD 2’. The acquisition takes its total fleet capacity to 5,18,018 MT DWT with an average fleet age of 12.5 years. Earlier in September, the company acquired 74,107 MT DWT Gearless Panamax, Japanese build, renamed ‘APJ UMA KISMAT’. A leading Indian ship-owner, Apeejay Shipping Limited is cautiously optimistic about domestic and international demand prospects. The newly acquired Panamax, APJ ANGAD 2 has traded internationally for 13 years while APJ UMA KISMAT has traded internationally for 16 years.

Mumbai-based Bharati Shipyard and Apeejay Shipping have signed a 50:50 joint venture agreement for setting up large modern shipbuilding yard along the eastern coast. According to sources at Bharati Shipyard, they are in the process of finalizing the site and will be able to announce the location in the coming weeks. The shipbuilding venture between a reputed shipbuilder and a leading shipping company is expected to commence operations by first quarter of 2009. Bharati and Apeejay would jointly invest in the state of the art technology and modern shipbuilding and ship repair facilities and would have the capacity to build and repair vessels of all sizes up to VLCC. The JV will see an investment of Rs 2,000 crore in the new shipyard.

Bharati Shipyard reportedly plans to set up a modern shipbuilding yard along India's eastern coast in a 50:50 joint venture with Apeejay Shipping, according to a report on http://www.domain-b.com.The proposed shipyard, expected to start operations in 2009, would build ships and also be a ship repairing business. India's shipbuilding industry is expected to touch the $20 billion milestone by 2020. (Source: http://www.domain-b.com)

Bharati Shipyard Ltd. and unlisted Apeejay Shipping Ltd. said they would invest Rs 2,000 crore in an equal joint venture to set up a modern shipbuilding yard along India’s eastern coast, according to a Reuters report. While Indian shipbuilders are expanding their capacities with buyouts of other yards and assets, Indian shipping and engineering firms are planning to set up shipbuilding yards to exploit the sector’s surging potential. The proposed shipyard, expected to start operations in 2009, would build superior ships of high tonnage and also cater to the ship repairing business of existing shipping firms globally, Bharati said in a statement. Bharati Shipyard, which has orders worth Rs 4,430 crore, owns three shipyards in India and is building the fourth one in Mangalore.