Varun Shipping to Invest $300m

Varun Shipping reportedly will invest $300m to buy at least four new vessels in the offshore segment this year, according to a Reuters report. Varun is positioning itself to expand its presence in the offshore segment, the news organization said, quoting a leading Varun executive. Freight rates in the offshore segment has risen around 15 percent due to higher crude oil prices, which hit new life highs in 2008, crossing $120 a barrel on demand growth. (Source: Reuters)