India’s Seacoast Shipping Services has purchased a 10,300-dwt multipurpose cargo vessel for $6.1m.
The company bought the 20-year-old vessel named Bharadwaj, built by Japan’s Higaki Zosen Koura. The acquired ship is currently located at Qatar Port where it is undergoing inspection and necessary procedure for a flag change and the process is anticipated to be completed by January 15, 2024.
Seacoast Shipping previously announced a buyback of shares but due to the substantial expenditure needed for the acquisition and the need for working capital, it has deferred the buyback for the time being.