India’s Allcargo Logistics has quit shipowning and the coastal shipping business with the sale of the last vessel of what had been a five-ship strong fleet.
“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,” Prakash Tulsiani, the CEO of the company, said yesterday.
Allcargo is one of India’s largest private logistics companies, specialising in moving bulk, breakbulk, containerised and project cargo.