Chowgule Steamships Ltd

History of Chowgule Steamships Ltd

Chowgule Steamships Limited (CSL) was established in April, 1963. CSL is a shipping company operating a fleet of 4 vessels for seaborne transportation of bulk cargoes. With the changing fortunes of the steel industry by the early 1980's, virtually all the ships of CSL were deployed on the international cross trades. CSL's main business is owning and chartering vessels and providing shipping services such as manning ships, fixing vessels, taking ships on bareboat charter and other activities connected with shipping. In last more than five decades, CSL has emerged as a pioneer in the Indian shipping sector. It not only built the first Indian bulk carrier for an Indian owner, named M.V. Maratha Progress, but also pioneered the first Indian phosphoric acid carrier by converting a dry bulk vessel. CSL started the Indian coastal trade by transporting clinker to split plants at Ratnagiri and Magdalla, which led to development of minor ports in Gujarat and Maharashtra. The company issued rights shares aggregating Rs 38.75 cr in Oct.'94, to finance the expansion-cum-modernisation of its fleet of vessels. With the successful implementation of the project, its fleet tonnage was increased to 4,70,000 dwt, reducing the average age of the fleet from 10.1 years to 9.6 years. Two new Panamx Vessels ordered on Keelung Shipyard of China Shipbuilding Corporation in Taiwan were delivered in Nov'96 and June'97 respectively and the Mini Bulk Carrier under construction at the shipyard of ... Borneo Shipping & Timber Agencies Sdn. Bhd., Malaysia was delivered in Jul'97. Also the new building, a Mini Bulk Carrier of about 3250 DWT under construction at the Loutulim Shipyard of Chowgule & Co Ltd, Goa for which lease finance is availed from State Bank Of India. Due to severe liquidity cruch and debt burden the Panamax Vessel M V Maratha Memory was sold in january,2002 and the proceeds were utilised for repayment of IFC loan. It has also sold its Coastal Vessels namely MV Maratha Cruiser & MV Maratha Clipper in 2001-02. The Company sold two of its Panamax vessels - m.v.Maratha Mighty & m.v.Maratha Majesty in September 2002. It sold its oldest Panamax vessel M.V.Maratha Mission in October 2004 at a price of USD 12.75 million. It also sold its oldest coastal vessel M.V.Maratha Classic in September 2004. The Angre Port was made operative in April, 2012. Due to depressed freight market conditions and also in accordance with its policy of rationalization of fleet, Company disposed off its 1995 built vessel Maratha Providence in October 2015. It acquired a new built river-sea vessel in the Indian coastal trade. Despite the notable supply-side adjustment, the sea borne dry bulk trade growth remained difficult in 2016.