Dubai-based Transworld Group enters tanker segment

Dubai-based Transworld Group enters tanker segment

Transworld Group Dubai is taking a bold step to diversify its fleet from the traditional container ship business and subsequent participation in the dry bulk segment, has now ventured into the liquid bulk segment with purchase of 2 vessels of 74k DWT flying the Panama flag. The purchase of two LR1 tankers, named TTC Vidyut and TTC Shakti, marks a new era in the 46-year history of the Group. The tankers, which are trading in clean petroleum products will be employed on worldwide trades. The current strategy of the company is to focus East of Suez so the vessels will fix their initial voyages in the East, however long-haul moves to the West will be targeted basis market requirements. Long Range (LR) class ships are the most common in the global tanker fleet, as they are used to carry both refined products and crude oil. These ships can access most large ports that ship crude oil and petroleum products. An LR1 tanker, meaning a Long Range tanker of about Panamax size, is capable of loading 55,000 mt of naphtha or 60,000-65,000 mt of distillates. Ramesh Ramakrishnan, Chairman of the Transworld Group speaking on the occasion said, “The acquisition of two