SHIPPING SECTOR IN ROUGH WATERS
Article Abstract:
The number of Indian ships have declined from 6.91 million gross registered tonne (grt) to 6.82 million grt as on May 1, 1998. The acquisition target in the Sixth and Seventh Five Year Plans was 7.5 million grt. In the Eighth Five Year Plan it was reduced to seven million grt. The Ninth Five Year Plan has set a target for nine million grt. Great Eastern Shipping Company (Gesco) has cut down its dry bulk cargo from 65 percent total fleet capacity to 35 percent in deadweight tonnage (dwt) in the past two years. Essar Shipping has sold two vessels in the past six months. Larsen & Toubro is looking for a foreign buyer. It has six bulk carriers with 180,000 dwt. Shipping Corporation of India (SCI) is buying 44 ships in the Ninth Five Year Plan period (1997- 2002). Varun Shipping is buying only specialised vessels. (rk)
Comment:
India: Number of Indian ships declines from 6.91 million gross registered tonne to 6.82 million grt as of 5/1/98
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SHAHI SHIPPING'S NET DIPS BY 2.8%
Article Abstract:
Shahi Shipping has posted a 2.8 percent decline in net profit to Rs3.16 crore for 1997-98 (Rs3.25 crore in 1996-97). Its operating profit rose to Rs12.95 crore (Rs10.14 crore). Its total revenues for 1997-98 was Rs24.73 crore (Rs20.95 crore). Its operating profit was Rs12.95 crore (Rs10.14 crore). Its interest charges were Rs4.24 crore (Rs3.25 crore) and depreciation was Rs4.60 crore (Rs3.27 crore). It has acquired six mini bulk carriers with a total capacity of 15,000 dead weight tonnage in 1997-98. The company acquired loans of Rs14.5 crore for the acquisition. (rk)
Comment:
Posts 2.8% decline in net profit to Rs3.16 crore for 1997-98, against net profit of Rs3.25 crore in 1996-97
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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L&T TO SELL OFF SHIPPING DIVISION FOR $40 MILLION
Article Abstract:
Larsen & Toubro Ltd (L&T) has decided to sell its shipping division to the Millenium Management Company for $40 million. The shipping division consists of six bulk carriers of 27,000-37,000 dead weight tonnage. The ships were built between 1981 and 1984. L&T has decided to sell the shipping division and concentrate on its core businesses of engineering, cement and electrical equipment. (khr)
Comment:
Decides to sell shipping division to Millenium Management for $40 mil
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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