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Kolkata March 21 India Steamship (ISS), the shipping arm of Chambal Fertilisers & Chemicals Ltd belonging to the K.K. Birla Group, signed on Wednesday an agreement with Hyundai Heavy Industries Co Ltd of Korea for acquiring an Aframax tanker (1,05,000 dwt) with delivery due in the first quarter of 2010.

In 2006, ISS had placed orders for three Aframax tankers of the same capacity with the same Korean shipbuilder. The vessels are to be delivered in 2008. The cost of each of the four vessels is estimated at about $65 million.

With all these acquisitions, Mr Arun Sharma, Executive President and CEO, ISS, told Business Line that the total fleet tonnage by 2010 would rise to around 7,00,000 dwt from around 3,00,000 dwt.

Currently, the fleet comprises three vessels — Ratna Shalini, Ratna Urvi and Ratna Puja — all Aframax tankers. Also, the age profile of the fleet would become young, he said.

"We're focussing on the Aframax segment in view of the projections of strong growth in demand from the energy sector and the emergence of long-haul product trade," Mr Sharma added.

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