Seven Islands Shipping Company, based in Mumbai, continues to strengthen its fleet with the purchase of the tanker MTM Mississippi, which has recently been renamed Inspire. This tanker, with a capacity of 50,000 dWT and built in 2006, was acquired for approximately $15.5 million. The deal was executed by MT Maritime and is considered the second MR tanker purchase by the company this year.
Rapid Fleet Development
With this purchase, Seven Islands Shipping needs one more vessel to reach 20 tankers in the Handysize market. The company, which has been consistently expanding its fleet in recent years, now possesses one of the largest MR fleets in South Asia.
Read more: Petrobras and ENH Sign Cooperation Agreement in the Oil and Gas Sector
Since 2019, when Seven Islands Shipping had only 14 vessels in its fleet, it has grown to 29 vessels currently and is recognized as the second largest private tanker shipping company in India. This rapid growth reflects the company's successful strategy in capturing the market and increasing its share in the shipping industry.
Fleet Value and Future Outlook
According to recent assessments, the total value of Seven Islands Shipping's fleet has reached $612.9 million. This is the first year that the company's fleet value has crossed the half billion dollar mark. Given the growth trend and fleet strengthening, it seems that the company will continue to face new challenges and opportunities in the future.
Ultimately, the new acquisition and increased fleet value demonstrate the capabilities of Seven Islands Shipping in the shipping industry and the trust it has garnered from investors. The company aims to continue this trend and enter new markets in the near future.
Read more: Pan Ocean Signs $110 Million VLCC Charter Contract with Trafigura
