The Hindu Business Line : Visa Group to acquire ships

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Kolkata Feb. 21 Visa Group, through its newly-launched ship chartering and logistics arm, Singapore-based Visa Comtrade (Asia) Ltd, proposes to acquire ships, either through outright purchase or by way of long-term time charter.

"We've been engaged in ship chartering for quite some time now and we would like to consolidate our position in shipping through acquisition", Mr Vishambhar Saran, Chairman of the Visa Group, told Business Line here recently.

"However, we will go only for dry bulk carriers, preferably super handymax and panamax types".

Visa Group, a major player in international trading for a long time, started with voyage chartering of ships, only to move into time chartering in due course.

"Our plan to acquire ships is the logical culmination of what we've been doing in shipping all these years", Mr Saran said adding, "ultimately owning and operating ships will be one of our major activities".

Currently, the operation of the ships acquired on charter is left to outside agencies.

Suitable ships

Visa Group, as it was pointed out, was now in the market for suitable ships.

"Right now, the ship prices are pretty high but we hope to complete acquisition of two to three vessels in the second half of 2007 or early 2008", he said pointing out that the proposed acquisition was targeted at both second-hand ships as well new-builts particularly the re-sale, i.e. ship earlier ordered by a shipping company now on sale because the shipping company that had placed the order would not take delivery of the ship.

The Singapore-based Visa Comtrade (Asia) Ltd with a representative office in Jakarta (Indonesia) is one of the three wholly-owned subsidiaries of the Group engaged in international trading, the two others being Switzerland-based Visa Comtrade AG, Zug, and Kolkata-based Visa Comtrade Ltd and all the three are wholly-owned subsidiaries of another Switzerland-based company, Visa Minmetal AG, also belonging to the Group.

Visa Comtrade AG, Zug, is the international trading arm of the Group engaged in trading in raw materials and products such as thermal coal, coking coal, LAM coke, chrome ore concentrates, iron ore and manganese ore and non-ferrous metals.

Visa Comtrade Ltd, Kolkata, is the Indian trading arm, also covering ship management, high-sea sales, wholesale cash and carry trading and agency business.