Seven Islands Shipping Weighs Entry Into Gas And Container Shipping
Seven Islands Shipping Ltd (SISL) is weighing a potential entry into gas carriers and container ship segments, buoyed by the surge in freight rates.
SISL is India’s second biggest private oil tanker shipping company backed by Indian born Canadian businessman Prem Watsa-led Fairfax.
“Until now, SISL had only owned and operated tankers that transported liquid cargo. But, based on the current ship prices and charter rates, it sees potential for better growth from gas carrier and containers. They are in the process of assessing this opportunity in greater detail,” Prem Watsa, Chairman, Fairfax India Holdings Corporation, told shareholders in a March 5 letter.
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MUMBAI: The Seven Islands Shipping Ltd, India’s third-largest seaborne logistics company, has filed its draft red herring prospectus with the Securities and Exchange Board of India today to raise Rs 600 crore through an initial public offering.
The issue comprises Rs 400 crore of fresh issue of equity shares and Rs 200 crore worth of offer for sale by FIH Mauritius Investment, Thomas Pinto and Leena Pinto.
The company aims to utilise the proceeds from the fresh issue of equity share for purchase of one very large crude container, better known as VLCC, and a medium-range vessel for a combined cost of Rs 352.4 crore.