Indian fertiliser producer Chambal Fertilisers and Chemicals Limited is considering the sale of its shipping division, which has a fleet of five Aframax tankers.
With this move the company expects to finance its ammonia-urea project in Rajasthan.
Chambal entered the energy transportation sector in 2004 when it acquired India Steamship Company Limited, one of India’s oldest shipping companies.
The company has a fleet capacity of over 500,000 DWT, consisting of the vessels Ratna Puja, Ratna Shruti, Ratna Shradha, Ratna Namrata and Ratna Shalini.
The Aframax tankers feature a double hull, with the oldest one built in 2006, and the youngest joining the fleet in 2010.
The company said that the sale is dependent on the interest of a potential buyer.