Laugfs into maritime with $ 7 m LPG ship

Tuesday, 2 September 2014 02:15 - - {{hitsCtrl.values.hits}}

Fast-diversifying Laugfs Holdings Ltd. is venturing into international shippingthrough its listed subsidiary Laugfs Gas Plc., which will buy a ship for $ 7 million. The company said that Laugfs Gas has floated a fully-owned subsidiary, Laugfs Maritime Services Ltd., as a Board of Investment-approved project. In order to engage in the business of international shipping and maritime services, LMS will own, operate, hire and charter various types and sizes of ships, including LPG vessels, which can carry various energy products. Laugfs Gas Plc said a Memorandum of Understanding has been signed to purchase a Liquefied Petroleum Gas (LPG) vessel to be named Gas Challenger and registered under the Sri Lankan flag. The initial investment for the purchase of the LPG vessel is around $ 6.9 million (nearly Rs. 900 million).

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