CHOWGULE STEAMSHIPS Share price

The Company a Chowgule Group Company was incorporated asa Private Ltd. Co. on 9th April 1963 and was convertedinto a Public Ltd. Co. on 31st December 1963.The Company has been in the business of Shipping for overthree decades.The Company''s main activity is owning and chartering ofvessels and other shipping services such as manning ofships fixing of vessels taking ships as bareboat charterand allied business connected with shipping.The Company now has a fleet of 11 vessels comprising of 6 Mini Bulkand 5 Bulk Carriers aggregating to 310229 DWT. ThreePanamax and two Handymax vessels are deployed inInternational Trade and the remaining six minibulk carriersare deployed in coastal trade. The Company is the largestPanamax operator in the country. (Source-Smith New CourtResearcher Paper on the Company dated April 20 1994.)The major portion of the Company''s ships are engaged incross trade i.e. moving International cargoes in ForeignExchange earnings to the tune of about 80% of totalearnings and the balance 20% accruing in Indian Rupees.The Company has recently set up a wholly owned subsidiaryat Guernsey to carry out other shipping services speedilyin the fast changing shipping field which in turn will alsoearn foreign exchange.Apart from the present expansion programme embarked upon bythe Company orders have already been placed for acquiringa new Panamax vessel to replace the vessel sold in thefinancial year 1993-94 expected to be delivered by March1995 and a mini bulk carrier of approx. 2000 DWT expectedto be delivered by September 1994.