Wednesday, September 26, 2007

Varun Shipping Company.

Varun Shipping Company.

26-Sept-2007.

Varun Shipping Company Limited is an India-based company that is engaged in the business of shipping. The Company’s core business is established in seaborne transportation of bulk cargoes in the hydrocarbon sector, including transportation of liquid petroleum gas (LPG), crude oil and petroleum products. Varun Shipping Company Limited has a diversified fleet of 20 vessels. The Company’s wholly owned subsidiary is VSC International Pte. Ltd. In June 2007, the Company acquired Maharshi Bhardwaj, which is a gas carrier. The Company acquired its fourth AHTS vessel, MV SUDAKSHA, in May 2007. Varun Shipping Company Limited sold its vessel, LPG/C Maharshi Vishwamitra in June 2007.

As on 26-Sept-2007.
# Parameter Value Remarks
1 Price 67
2 PE 5.13
3 52 Week High 83
4 52-Week Low 49
5 Div 45
6 EPS 13
7 B/V 50

Source: NSE - Varun Shipping Co. Ltd. has informed the Exchange that "Varun Shipping has in order to expand its asset base in the hydrocarbons sector, entered into a Memorandum of Agreement for acquiring a Very Large Gas Carrier (VLGC) having a cargo carrying capacity of approximately 76,644 cbm. Varun shipping will be the first Indian shipping company to acquire a VLGC. This VLGC is scheduled to be delivered in June / July, 2007 and will be in the largest gas carrier to be registered under the Indian flag. Varun Shipping has on 18th December, 2006 acquired Large Gas Carrier, LPG / C Maharshi Vamadeva. Further, the aframax crude tanker for which company has entered into Memorandum of Agreement is scheduled to be delivered by 15th January, 2007. With the acquisition of above mentioned vessels, company would have completed an investment of around US $ 200 million out of the proposed expansion plan of US $ 400 million. A copy of press release in this regard titled "Varun Shipping Signs MOA to Acquire Further Vessel" shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). Date: 2006-12-28

Source: BSE - Varun Shipping Company Ltd has announced that the Company in order to expand its asset base in the oil and gas exploration and production industry has signed Memorandum of Agreements for acquiring two 2001 built Anchor Handling and Towing Supply (AHTS) vessels. These vessels have BHP of around 16000 T and Bollard Pull in excess of 180 Tons. One of the vessels is scheduled to be delivered by end of January, 2007 and the second one in April / May, 2007. These modern and highly sophisticated world class vessels will be used for deep sea oil exploration going on in North Sea, Bay of Bengal and Atlantic Ocean off the coasts of Nigeria, Brazil and Mexico. These vessels have been designed by Vik-Sandvick, a very reputed designer from Norway and are highly maneuverable and are fitted with the Dynamic Positioning (DP) which ensures that they can safely maintain position off the offshore installations. These two vessels will be amongst the most powerful AHTS vessels with highest Bollard Pull under the Indian flag. As few such vessels exist in the world, the acquisition of these vessels by the Company will establish a new milestone in offshore support services for India's oil industry. With the acquisition of above mentioned vessels, the Company will have completed an investment of around US$ 320 million out of the proposed expansion plan of US$ 400 million. Date: 2007-01-27

Source: BSE - Varun Shipping Company Ltd has announced that the Company has acquired one 2001 built Anchor Handling and Towing Supply Vessel (AHTS Vessel). This vessel has BHP of around 16000 T and Bollard Pull in excess of 180 Tons. This modern and highly sophisticated world class vessel will be used for deep sea oil exploration going on in North Sea, Bay of Bengal and Atlantic Ocean off the coasts of Nigeria, Brazil and Mexico. This vessel will be the most powerful AHTS vessel with highest Bollard Pull under Indian flag. As few such vessels exist in the world, the acquisition of this vessel by the Company will establish a new milestone in offshore support services for India's oil industry. Date: 2007-02-01.

Source: BSE - Varun Shipping Company Ltd has informed BSE that consequent to the exercise of option for conversion of 11,00,000 Optionally Fully Convertible Warrants (OFCWs), out of 39,50,000 OFCWs, which were allotted on preferential basis to Tarun Shipping and Industries Ltd, a promoter group Company, the Committee of Directors (CoD) at its meeting held on March 22, 2007 has issued an allotted 11,00,000 equity shares at a price of Rs 75 per share (i.e. Rs 10 on capital account and Rs 65 on premium account) to Tarun Shipping and Industries Ltd. Date: 2007-03-22.

Source: BSE - Varun Shipping Company Ltd has informed BSE that the Company has taken delivery of second 16000 BHP Anchor Handling and Towing Supply Vessel with Bollard Pull in excess of 180 Tons. This is a highly sophisticated vessel which is proposed to be used for deep sea oil exploration activity going on in areas like North Sea, Bay of Bengal and Atlantic Ocean off the coasts of Nigeria, Brazil and Mexico. This vessel is the sister vessel of Subhiksha, which was acquired by the Company in January, 2007. The vessel Subhiksha is presently on long term time charter to Reliance Industries Ltd for its offshore exploration activities in Krishna Godavari basin. These are the most powerful AHTS vessels with highest Bollard Pull under Indian flag. Acquisition of these vessels by the Company has established a new milestone in offshore support services for India's oil industry. Date: 2007-05-15.

Source: BSE - Varun Shipping Company Ltd has announced that the Company has acquired a Very Large Gas Carrier (VLGC), MAHARSHI BHARDWAJ on June 18, 2007. The new vessel has cargo carrying capacity of 76,644 cbm. This will be the largest LPG carrier in Indian fleet. The Company is the first Indian shipping Company to acquire a VLGC. With the addition of this ship, the Company will own around 80 per cent of total LPG tonnage presently operating under Indian flag. The Company's vessel acquisition was financed partly out of its own resources and partly out of long term loan from ICICI Bank Ltd. The Company has sold one of its 1974 built LPG Carrier, Maharshi Vishwamitra on June 19, 2007. Date: 2007-06-20.

Source: NSE - Varun Shipping Co. Ltd. has informed the Exchange regarding a press release, dated July 24, 2007, titled "Varun Shipping's Growth in the Hydrocarbon Sector yields strong results". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). Date: 2007-07-24.

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