ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Into Shipping and Paper

Into Shipping and Paper Hansavivek CENTURY SPINNING AND MANU- FACTURING COMPANY is further diversifying its activities into shipping, It has obtained necessary approvals from the Central government for acquiring ships upto a total tonnage of 2 lakh DWT, Since the freight market is at present extremely sluggish, the management has decided to purchase for the time being only two secondhand ships with a total tonnage of about 50,000 DWT at a cost of about Rs 15 crore. A foreign exchange loan to the extent of 80 per cent for these acquisitions will be arranged through the company's bankers. When the outlook for the shipping industry improves, the company will acquire more- ships.

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