Bankruptcy of Hanjin Shipping line, among the top ten shippers globally, about a month back reflects the continued stress in the shipping industry. However, Indian shipping companies appears to have turned the corner aided by continued domestic demand and an assured domestic market.
The conversion of ABG Shipyard’s preference shares into equity by ICICI Bank yesterday sets the stage for takeover of company by the lenders. The fate of the company is similar to that of another private sector ship building company Bharti shipyard and of numerous other ship building companies going bust globally, especially China. It would … Continue reading ABG Shipyard – Boom to Doom..