Sailing Strong

Sailing Strong Hansavivek GREAT EASTERN SHIPPING acquired, last year, two second-hand ships of 14,730 DWT and 14,801 DWT at a total cost of Rs 5.96 crores. The OBO carrier of 1,00,600 DWT, for which order was placed with the Swedish yard, is expected to be delivered in June 1972. The shipyard had run into serious financial difficulties which were overcome following negotiations between the shipowners of various countries who had placed orders, the shipyard, and the Swedish government. Under the reorganisation scheme, GF.S will have to pay a price higher by about 9.575 per cent and will have to bear some additional interest charges on a loan, repayment of which has been guaranteed by the Swedish government. When delivered, this vessel will be the largest OBO carrier on the Indian registry. GES has also placed an order for 4 ships of 21,610 DWT each with Hindustan Shipyard. These ships are expected to be delivered in 1973 and 1074. With the change in the accounting year, the latest set of figures covers a full 12-month period while that of the previous year relates to 9 months. The two sets of figures are, therefore, not strictly comparable, but even so both operating earnings and profits show visible improvement, GES carried out 58 overseas voyages but no coastal voyage during the 12 months ended March 1971, as compared with 51 overseas voyages and 2 coastal voyages during the preceding 9-montb period. The voyage-days of vessels on time-charter with others were 1,323 days (759 days). Cargo carried amounted tonnes). Freight earnings and charter