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Our Bureau

Mumbai Nov. 28

, Mercator Lines Ltd has contracted to take a very large crude carrier on charter for its Singapore subsidiary.

The subsidiary, Mercator Lines Singapore, will receive the vessel on January 1.

The company's decision to take a VLCC on charter is in line with the strong market sentiments in the tanker segment — the market is hovering at a point of World Scale (WS) 77, the earnings being in the range of $40,000-45,000 per day.

Varun Shipping has entered into a memorandum of agreement for acquiring its third modern double hull 2006 built Aframax crude oil tanker.

The vessel will be delivered in January.

With the acquisition of this vessel, the company will own a fleet of 18 vessels.

Acquisition of this vessel forms part of the Varun's plan to invest up to Rs 2,000 crore for fleet expansion.

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