London-based Foresight Group has revealed expansion plan for the company over the next year.
The Ravi Mehrotra-controlled company’s website states that the aim is to have a fleet of 10 crude and gas carriers by next year.
The conglomerate has just two aframax tankers today.
The website does not disclose any details of the expansion plans, other than to say that it is working on newbuilding orders involving a VLGC and a VLCC, both of which would be dual fuel.
Brokers said late in March that Foresight had entered VLGC segment, buying the 80,000- cbm Lotus Gas (built 2008) for $48m.
It is scheduled to take over the gas carrier between mid-May and mid-June.
Foresight has not responded to a request for comment on the reports.
The move comes amid a strong freight market for VLGCs, with rates for a one-year charter standing at about $35,000 per day. Clarksons data shows that rates on a similar charter worth just $31,200 per day this time last year.
Foresight appears poised to benefit already from the strong period market.
Brokers said Indian Oil has fixed the Lotus Gas for two years at $33,500 per day in a deal that is believed to have been forged by Foresight. The Indian charterer, which did not respond to a request for comment, has also reportedly fixed the 78,000-cbm Gas Beryl (built 2010) at $33,500 per day, also for two years.
The growth ambitions of Mehrotra, Foresight's chairman, are not confined to the VLCC and VLGC plans.
In March, the London company teamed up with Belgian gas carrier specialist Exmar and demolition cash buyer GMS to acquire the 63.75% stake in Shipping Corp of India (SCI) that is held by the Indian government.
Mehrotra told newspapers in India that the group was targeting an expansion of the shipping group's LNG carrier fleet.
Foresight would fund the acquisition with money from a family trust and partners partners, while looking for strategic investors including private equity funds, The Times of India reported at the time.
SCI currently has a diversified fleet of 133 ships, according to Clarksons.
