Seven Islands Shipping (SISL) is looking to diversify from its tanker origins into gas carriers and boxships, reports BusinessLine.
Fast-growing SISL
Fast-growing Seven Islands Shipping (SISL) is looking to diversify from its tanker origins into gas carriers and boxships.
The Indian line, controlled by Prem Watsa, has 20 crude and product tankers currently in its fleet.
The largest shareholder in SISL
Fairfax India Holdings Corporation has the largest stake in Seven Islands. Watsa, chairman of Fairfax India Holdings Corporation, has written to shareholders outlining fleet diversification plans.
“Until now, SISL had only owned and operated tankers that transported liquid cargo. But, based on the current ship prices and charter rates, it sees potential for better growth from gas carriers and containers. They are in the process of assessing this opportunity in greater detail.”
India’s growing gas needs
Watsa is not the only tycoon looking at India’s growing gas needs. The state-run Shipping Corporation of India (SCI) is due to be privatized later this year.
Other tycoons
One of the bids lodged comes from Exmar, GMS, and Foresight. Earlier this week Foresight executives discussed their plans to make SCI into an energy-focused shipowner, with big investments in LNG carriers.
“We want to transition SCI from a conventional shipping company to specifically energy tonnage. India energy demand is expected to grow double-digit,” a Foresight executive said.
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Source: Business Line
