FCC

Seven Islands Shipping adds 3 medium-range oil tankers to fleet

2023-10-12

Seven Islands Shipping, India's second-largest private oil tanker shipping company, has recently acquired three second-hand medium range oil tankers, expanding its fleet size to 28. This acquisition was made for an undisclosed amount.

Two tankers were delivered to Seven Islands Shipping a few days ago, with the third MR tanker expected to be inducted into the fleet in the next few days. The company, which is backed by Indian-born Canadian businessman Prem Watsa-led Fairfax India Holdings Corporation, has not provided any official comments regarding this acquisition yet.

Seven Islands Shipping, recognised as the fastest-growing Indian shipping company, currently possesses a fleet of 27 vessels. This fleet includes 2 crude oil tankers, 23 product carriers, and 2 gas carriers. The crude oil vessels play a significant role in fulfilling India's increasing demand for crude oil imports, while the product tankers are responsible for transporting various refined oil products. It's worth noting that all of the company's ships are registered under the Indian flag.