Apeejay Shipping Bolsters Fleet

  • Business & Finance

Apeejay Shipping Limited, an Apeejay Surrendra Group company, has acquired a 76,602 dwt gearless Panamax, which has been renamed APJ Kabir Anand.

The latest purchase is the third gearless Panamax vessel to be added to the company’s fleet since September 2017.

“This is a good time to own quality assets,” Karan Paul, Chairman of Apeejay Shipping, said.

As explained, the freight market is forecast to be favorable for the industry in the coming years, due to a general increase in demand as a result of growth in the world economy and a drop in the supply.

According to Paul, 2018 and 2019 are expected to be strong years for dry-bulk shipping.

“We are well poised to take immediate advantage of the positive trend in the dry-bulk market with a judicious addition to the fleet with second-hand tonnage at good prices. We are keeping our focus on expansion and growth and are on the lookout to purchase right vessels at the right time,” he added.

The Panamax increases the company’s fleet capacity to 9 ships.

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