Dubai-based Transworld Group has made a move into tankers with a double purchase of LR1 ships.

The latest diversification involves two 74,000-dwt clean carriers renamed as TTC Vidyut and TTC Shakti.

The Panama-flagged ships are currently trading in oil products and will be deployed in worldwide trades.

Ramesh Ramakrishnan-led Transworld has been contacted for further details.

No price has been given, but Transworld called the purchases “a bold step” to move beyond liner and bulk trades.