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Mumbai Jan 23 Varun Shipping has lined up a capital expenditure programme of $400 million for acquisition of new vessels in 2008, with a sharper focus on offshore services. The company owns a fleet of 20 vessels, operating in the LPG, crude oil and product segments, as well as in the offshore sector.

“We will raise this investment through internal accruals, sale and lease back of vessels, as well as a small component of debt,” Mr Yudhisthir Khatau, the company’s Managing Director, told press persons here on Wednesday.

The company reported a net profit of Rs 73.69 crore for the quarter ended December 31 2007, as against Rs 39.63 crore for the corresponding quarter of last fiscal, registering about 85 per cent growth.

The company’s freight and charter hire income for the nine-month period was Rs 624.88 crore, as compared to Rs 481.29 crore in the year ago period.

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