India Steamship to replace ageing fleet

Kolkata, July 15: Spurred by the one-time settlement of its debts, which was made possible by infusion of Rs 21 crore by preferential allotment of shares, India Steamship Company Limited, a K K Birla group company, is planning to replace its ageing cargo ships with younger bulk carriers.

“Pressure on dry bulk cargo freight rates is expected to be followed by a fall in second hand bulk carrier prices and the second half of the current year may provide a good opportunity to invest in a suitable bulk carrier,” India Steamship officials said.

The company at present owns three ships aggregating 1,57,736 dead weight tons (DWT) of which Indian Goodwill Combi, general cargo plus container, with a capacity of 20,571 DWT is the oldest with 22.8 years of age at the end of 2000-2001 and its insured value was Rs. 14.80 crore.

The other two ships, 76,440 DWT Ratna Deep Panamax bulk carrier and 60,725 Ratna Abha Tanker is 17.4 and 18.4 years of age respectively, officials said.

-- PTI