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Tanker Shipping & Trade

Tanker Shipping & Trade

Centennial Maritime Ventures diversifying portfolio

Tue 14 Nov 2017 by Hong Liang Lee reporting from Singapore

Centennial Maritime Ventures diversifying portfolio
Amitabh Rastogi (CMVPL): Portfolio diversification will lead to a bigger team in its Singapore office

Shipmanagement firm Centennial Maritime Ventures Pte Ltd (CMVPL) is looking to diversify into the crude oil tanker and dry bulk sectors before the end of this year, expanding its current portfolio of four product tankers.

CMVPL general manager Amitabh Rastogi said its new vessels will be the smaller handysizes and the mid-sized kamsarmaxes.

“We are looking at versatility in our business going forward. It is better to be in at least two shipping segments,” Mr Rastogi said.

He further revealed that the company is in talks with owners on taking over the technical management of one to two aframax crude tankers, with the contracts expected to be finalised next month.

CMVPL currently manages four oil and chemical tankers with capacity ranging from 45,000-47,000 dwt. The company was established in 2015 with its head office in Singapore and its operations centre based in Delhi, India.

The long-term goal of CMVPL is to manage between 30-35 ships from a mix of tankers and bulk carriers, according to Mr Rastogi.

Mr Rastogi shared that the near-term outlook for the product tankers market is expected to be flat over the next six to eight months. “The market may move up a little bit during the last quarter of next year. At the moment, owners are at least able to keep their heads out of the water,” he commented.

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