Varun Shipping’s  net profit after tax for the financial year ended 31^st March, 2008 increased by 59.73 per cent to Rs.2,257.80 million as compared to Rs.1,413.50 million for the previous financial year. 

The company has recommended a final dividend of 20 per cent for the financial year ended 31^st March, 2008 in addition to two interim dividends of 15 per cent each already declared and paid earlier.  The record dividend for the year works out to 50 per cent compared to 45 per cent in the previous year.

EPS (Basic) for the financial year ended 31^st March, 2008 was Rs.15.19 compared to Rs.11.26 for the previous financial year.

Company’s freight and charter hire income for the financial year ended 31^st March, 2008 increased by 26.49 per cent to Rs.8,508.07 million as compared to Rs.6,726.27 million for the previous financial year.

Improvement in freight and charter hire income was mainly due to the acquisition of additional vessels, particularly in the offshore sector.

During the financial year ended 31^st March, 2008, the company acquired India’s first very large gas carrier (VLGC), Maharshi Bhardwaj, which is the largest gas carrier under Indian flag. The company also acquired two large modern Anchor Handling Towing and Supply (AHTS) vessels namely, MV Sudaksha and MV Suvarna. These acquisitions have enabled the company to establish leadership position in the large AHTS sector in the Asian region. Varun Shipping is the first Indian company to operate large AHTS in the North Sea.

In January, 2008, the company had announced a capital expansion programme of US$ 400 million, out of which the company has already acquired one AHTS vessel Suvarna. The company is proposing to implement this programme by the end of year subject to availability of suitable tonnage.

The company presently owns a well diversified fleet of 21 vessels comprising 12 LPG carriers, 3 double hull aframax crude tankers, 1 product tanker and 5 AHTS vessels. The company’s LPG fleet is the largest in India in terms of both fleet size and cargo carrying capacity. It forms approximately 81 per cent of the aggregate cargo carrying capacity of LPG carriers operating under Indian flag. The company transports approximately 72 per cent of all LPG cargoes imported into the country by Public Sector Undertakings (PSUs).

In April, 2008 one of the Company’s LPG carriers, Maharshi Krishnatreya, was awarded a Certificate of Excellence and the “Ship of the Year [Indian Flag in Foreign Trade]” award by the National Maritime Day Celebration Committee (Central)  Mumbai, Directorate General of Shipping, Government of India. 

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