Citing financial difficulties, shipping firm Pratibha Shipping considers to reduce its fleet size.
According to the Directorate General of Shipping (DGS), as part of the plan, the company, which owns nine oil tankers, plans either to sell or scrap five vessels.
The company anchored a total of three vessels — Koyna at a port in Bahrain, and Chandrabhaga and Narmada in Chinese shipyards in foreign shores, with owners having outstanding dues in both the geographies.
In a recent discussion with DGS, the company told the that it plans to sell Chandrabhaga and Narmada, and send Tapi, Warna and Cauvery for scrapping, the DGS statement.
According to a statement issued by the directorate, the financial position of the company has been deteriorating for the past couple of months and this resulted in the stranding of all nine ships. The statement also shows that statutory and mandatory certificates (of ships) have expired.
The vessels, owned by the company, are presently in ports or at anchorage or at the shipyards in Indian waters and overseas, the DGS statement added.
It has been decided to let a majority of the sailors, who have pending wages, to go back to their respective home towns, it said.
FlashNews:
Hindalco to be a force for good with engineered solutions transformation: Kumarmangalam Birla
HSR Needs Fast Tracking
RECPDCL Handovers Ratle Kiru Power Transmission Limited, a SPV of Transmission Project, to IndiGrid 2 Private Limited
RECPDCL Handovers 3 Nos. SPVs of transmission projects viz. Banaskantha Transco Limited, Kurnool-IV Transmission Limited & Rajasthan V Power Transmission Limited to Power Grid Corporation of India Limited
Showcasing India’s Supply Chain Revolution
Highlighting the Future of Smart, Sustainable Infra
Driving Sustainability Through Innovation
REC Signs ₹18,360 Cr MoU with Govt. of Kerala for Pump Storage Projects
IIFCL Launches its Gender Equality and Social Inclusion (GESI) Cell on the occasion of International Women’s Day 2025.
IIFCL and CBI Sign Expression of Interest to promote Sustainable Infrastructure Financing in India
CCI India presents 1st edition of CEO Round Table Conference on Agriculture
Jayesh Ranjan & Cement Expo Forum Leaders converge in Hyderabad
Fluence Launches Advanced Smartstack Platform for New Energy Storage Era
NBCC inks MoU with NIT Kurukshetra valuing Rs. 300 Crore
REC Foundation Commits ₹6 Crore to Sankara Eye Hospital for Cataract Surgeries Benefiting 8,000 EWS Patients
Integrated Exhibition Cum Convention Centre (IECC), better known as Bharat Mandapam, achieves prestigious GRIHA 4-Star Rating
REC Limited Signs Agreement with CVPPL, to provide ₹2147.508 Crore Term Loan to Develop 1000MW Pakal Dul Hydro Electric Project
NBCC Reports Robust 40% Surge in Net Profit
The time to invest in India’s energy sector is now, says PM Modi
Home » DGS says financially strained Pratibha may trim fleet size
DGS says financially strained Pratibha may trim fleet size
Infrastructure Finance
January 10, 2013January 10, 2013

Leave a Reply
You must be logged in to post a comment.