Foresight Group, founded by Dr Ravi Mehrotra, has announced a $1.2 billion expansion of its global gas shipping business with an order for 10 next-generation, dual-fuel Very Large Ammonia Carriers (VLACs), strengthening its presence in LPG and ammonia transportation.
The Group has signed contracts for the first four vessels with South Korea’s HD Hyundai Heavy Industries, at an estimated cost of $118 million per vessel. Deliveries of the 10 ships are scheduled to begin in Q4 2029 and continue through Q4 2033.
Currently operating seven Very Large Gas Carriers (VLGCs), Foresight aims to expand its combined VLGC and VLAC fleet to at least 25 vessels by 2034, when the Group celebrates its 50th anniversary. The expansion will be supported by further acquisitions of second-hand VLGCs.
The investment reflects growing opportunities in LPG transportation and ammonia as a future energy carrier and marine fuel. Foresight also indicated its readiness to enter into long-term charters with Indian state-owned oil companies for newbuild vessels.
Beyond shipping, the Group has interests in offshore drilling and port infrastructure, including the proposed Bhavnagar Port development in Gujarat. It also collaborates with MIT’s Maritime Consortium on alternative fuels, advanced vessel technologies, AI and maritime decarbonisation.
The expansion forms part of Foresight’s long-term strategy to build a globally competitive gas shipping business while positioning itself for the transition towards cleaner energy transportation.