Apeejay Shipping acquires vessel, expands fleet strength
PORTS & SHIPPING

Apeejay Shipping acquires vessel, expands fleet strength

Apeejay Shipping (ASL) has taken a significant stride in maritime expansion by procuring a Japanese-built vessel boasting a deadweight capacity of 76,812 MT. With this strategic addition, ASL, based in Kolkata, solidifies its fleet, which now stands at 10 vessels. The collective deadweight tonnage (dwt) of 671,332 MT underscores the company's growing influence in the maritime domain.

Although precise details regarding the cost and financial structure of this acquisition remain undisclosed, ASL's move reflects a broader commitment to expansion and growth, as affirmed by Karan Paul, Chairman of the Apeejay Surendra Group.

As the third-largest ship owner in India, ASL is steadfast in its quest to achieve a future capacity milestone of one million tonnes. This development coincides with ASL's 75th anniversary, accentuating the company's enduring presence and commitment in the maritime industry.

In 2022, the Union government introduced various measures, including subsidies, to augment the tonnage of Indian shipping firms, providing a favourable backdrop for ASL's strategic expansion.

A July 2022 ICRA credit report highlighted ASL's history, citing previous acquisitions of three second-hand ships in FY2018. The report underscores ASL's focal point in the dry-bulk segment, with coal transportation constituting a substantial portion of its operations. Despite its growth trajectory, the report also underscored a relatively higher client concentration risk faced by the company.

Apeejay Shipping (ASL) has taken a significant stride in maritime expansion by procuring a Japanese-built vessel boasting a deadweight capacity of 76,812 MT. With this strategic addition, ASL, based in Kolkata, solidifies its fleet, which now stands at 10 vessels. The collective deadweight tonnage (dwt) of 671,332 MT underscores the company's growing influence in the maritime domain.Although precise details regarding the cost and financial structure of this acquisition remain undisclosed, ASL's move reflects a broader commitment to expansion and growth, as affirmed by Karan Paul, Chairman of the Apeejay Surendra Group.As the third-largest ship owner in India, ASL is steadfast in its quest to achieve a future capacity milestone of one million tonnes. This development coincides with ASL's 75th anniversary, accentuating the company's enduring presence and commitment in the maritime industry.In 2022, the Union government introduced various measures, including subsidies, to augment the tonnage of Indian shipping firms, providing a favourable backdrop for ASL's strategic expansion.A July 2022 ICRA credit report highlighted ASL's history, citing previous acquisitions of three second-hand ships in FY2018. The report underscores ASL's focal point in the dry-bulk segment, with coal transportation constituting a substantial portion of its operations. Despite its growth trajectory, the report also underscored a relatively higher client concentration risk faced by the company.

Next Story
Infrastructure Urban

CONCOR Launches Double-stack Service Between NCR and Varnama

State-run Container Corporation of India (CONCOR) has launched double-stack container train services between the National Capital Region (NCR) and Varnama near Baroda. This initiative aims to facilitate customers at Nhava Sheva near Mumbai, home to Jawaharlal Nehru Port (J N Port). On December 21, the first double-stack container train from Khatuwas and Dadri in NCR reached CONCOR’s Gati Shakti Multimodal Cargo Terminal (GCT) at Varnama, situated along the Western Dedicated Freight Corridor (WDFC). The train carried export cargo destined for J N Port, according to a statement from the state..

Next Story
Infrastructure Transport

Less than 10% of Rs 40 Billion State-aid for Shipbuilding Utilised

A government-sanctioned financial assistance program worth Rs 40 billion, intended to support local shipbuilders over a decade starting in April 2016, has seen minimal utilisation, with only Rs 3.85 billion—less than 10 per cent of the total fund—disbursed thus far. With 15 months remaining before the scheme concludes, its uptake has been limited. The financial aid applies to shipbuilding contracts signed between April 1, 2016, and March 31, 2026. According to a written response provided by Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal to the Rajya Sabha on December ..

Next Story
Infrastructure Transport

Civil Aviation Minister Opens New ATC Tower at Indore Airport

The Minister for Civil Aviation, Ram Mohan Naidu Kinjarapu, inaugurated the new Air Traffic Control (ATC) Tower-cum-technical block at Devi Ahilyabai Holkar International Airport in Indore, Madhya Pradesh. During the inauguration, the minister toured the facility, where ATC experts explained various technical aspects of tracking and coordinating flights from the newly constructed tower. In addition to the ATC tower, the airport has also introduced a zero-waste plant. The union minister confirmed that this initiative aligns with the government’s commitment to sustainability. Minister Ki..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000