VARUN SHIPPING CO.LTD.

Varun Shipping Company Ltd is a leading Indian private sector shipping company owning and operating vessels in the hydrocarbon sector. The company owns a fleet of 21 vessels, comprising 11 LPG carriers, 3 double hull Aframax crude tankers and 7 Anchor Handling Towing and Supply (AHTS) vessels. The company is able to offer comprehensive transportation and support solutions to their valued customers, across the entire hydrocarbon value chain with their well diversified fleet. The company has one subsidiary, namely VSC International Pte Ltd in Singapore. Varun Shipping Company Ltd was incorporated on January 29, 1971 as private company limited under the name of Varun Shipping Company Pvt Ltd. The company was converted into a public limited company on February 18, 1972 and the name was changed to Varun Shipping Company Ltd. In March 1973, they commenced their shipping business with the acquisition of one product tanker. During the year 1983-84, the company acquired Anchor Handling and Towing Supply Vessels and thus they diversified and entered into support services for oil exploration. In July 1995, the company incorporated VSC International Pte Ltd as a wholly owned subsidiary company in Singapore to avail themselves of international finance and tax benefits available to Singapore-based shipping companies. In the year 1996, the company acquired their first LPG carrier making them the first private sector Indian company to commercially operate LPG carriers. In August 2002, they sold the 1980 built, 7000 DWT MT Vayudoot. In August 2004, the company acquired Maharshi Shubhatreya, a LPG carrier and in November 2004, they acquired another LPG carrier, namely Maharshi Labhatreya. During the year 2004-05, the company diversified into transportation of crude oil with acquisition of two modern Aframax crude oil tankers. They sold their two product tankers, namely MT Vishwa Doot and MT Shakti Doot during the year. In March 2005, the company acquired their first modern double-hull crude oil tanker, namely MT Amba Bhavanee and also they acquired two Anchor Handling Towing and Supply (AHTS) vessels, MV Neel Kamal and MV Neel Akash from their wholly owned subsidiary, VSC International Pte Ltd., Singapore. In April 2005, the company acquired their eighth LPG Carrier, Maharshi Devatreya having a cargo carrying capacity of 35,559 cbm. Also, they acquired their ninth and tenth LPG carriers, namely, Maharshi Mahatreya and Maharshi Krishnatreya in August 2005 in October 2005. They opened a branch office in Singapore during the financial year 2005-06. In December 2006, the company acquired their twelth LPG carrier, namely Maharshi Vamadeva which is the largest LPG carrier in the Indian fleet. In January 2007, they acquired their third modern, double hull Aframax crude oil tanker, namely Amba Bhargavi. Also, they acquired LPG carrier Maharshi Bhavatreya in March, 2007. The company acquired two modern highly sophisticated Anchor Handling Towing and Supply vessels, namely MV Subhiksha and MV Sudaksha in January 2007 and May 2007 respectively. In March 2008, they acquired another large Anchor Handling Towing and Supply vessel, namely MV Suvarna. In April, 2008 one of the company's vessels, LPG/C Maharshi Krishnatreya was awarded a Certificate of Excellence and the 'Ship of the Year (Indian Flag in Foreign Trade)'. In April 2009, the company acquired their seventh Anchor Handling Towling and Supply vessel, namely Suchandra.