DGS says financially strained Pratibha may trim fleet size

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.