Allcargo Logistics Ltd has exited the ship-owning and coastal shipping business by selling the last vessel in a fleet of five ships.
“The growth in coastal bulk shipping has remained slow. Consequently, the segment did not contribute significantly in line with our outlook through the last seven years. This decision was made keeping in mind the ongoing shipping recession. The decision is also in line with our ambition to expand our core business with the vision to sustainably grow as a dominant player in the global container market,” said Prakash Tulsiani, Executive Director & CEO - CFS, ICD, Shipping & Investor Relations, Allcargo Logistics Ltd.