Dubai-based International Shipping & Logistics (ISL) has taken the important step of acquiring its first vessel. The 74,461 dwt gearless Panamax bulk carrier, the 1999-built, Marshall Islands flagged, MV Vika, now renamed ISL Star, was delivered to its new owner last month.
According to the company, the timing is right for this investment. Indeed, ISL says it will look to make further vessel acquisitions if the market continues to be attractive.
ISL has been engaged in the dry cargo market, primarily operating bulk carriers, for the past 15 years. ISL chief executive, Captain Patnaik, says, “This is the first vessel that we will own and operate ourselves, and is part of a strategic shift towards building up an owned fleet. Panamax is a good size for our trades, and we expect to carry a range of cargoes, including coals, grain and fertilizers.”
ISL is a wholly-owned subsidiary of TM International Logistics, whose shareholders include Tata Steel (51%), NYK (26%) and Martrade (23%). Primarily involved in the dry cargo operating business, it has a fleet of vessels ranging in size from 10,000 to 120,000 dwt, but mostly in the Supramax and Panamax range.