Mumbai-headquartered Allcargo Logistics has exited the shipowning and coastal shipping business by selling its last vessel.
At one point, the company operated a fleet of five ships. Commenting on the development, Prakash Tulsiani, executive director and ceo at Allcargo Logistics, said: “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.”
He added that the company would focus on the global container shipping sector.