Apeejay buys three ships

Apeejay Shipping, part of the Rs 4,500 crore Apeejay Surrendra group, has placed orders for three dry bulk carriers of 57,000 dwt each from one of China's leading shipyards, the Cosco Shipyard group, for $130 million.

The three vessels, Dophin 57 design geared bulk carrier, will be built at Cosco's Guangzhou shipyard and will be delivered between 2009 and 2011. Apeejay Shipping expects to receive the first vessel in April 2009.

S S Mahapatra, chief executive officer, Apeejay Shipping Limited said, "With the dry bulk markets expected to remain firm over the next three years or so, it is a good time to expand our fleet. New building orders have been placed with Cosco with whom we have close business relations for ship repairs and dry-docking for more than ten years. Apeejay Shipping will also work with Cosco to expand its Panamax type of vessels in the near future."