1964 - The Company was incorporated on 22nd January, at Chennai.
main object of the company is World - wide tramping and
- 50,000 No. of equity shares subscribed for in cash by the
Directors, etc. 1,50,000 No. of equity shares issued by a
Prospectus during December. Peninsular & Oriental Steam
Navigation Co. subscribed for 70,000 shares and Anglo Norness
Shipping Co., Ltd., subscribed for 10,000 shares in cash.
shares were offered to the public.
1971 - Partly paid shares made fully paid-up by capitalising
1974 - 2,00,000 Bonus Equity shares issued in the prop. 1:1.
1982 - Authorised capital reclassified and increased. 2,00,000 bonus
equity shares issued in prop. 1:2.
1986 - Increase in income achieved by way of savings in operating
expenditure and sale of m.v. Chennai Ookkam for scrapping,
neutralised by a rise in rates of port and canal expenses and
increase in depreciation charges by virtue of two ships
throughout the year.
- The increase in freight rates was in all sectors of trade that
the company was interested in. A total number of 265 days
lost by the company's vessels at various ports of the world
which berthing delays accounted for 160 days, dry-docking and
repairs for 94 days and miscellaneous delays for 11 days.
rise in the freight rates in general was attributed to
substantial scrapping of old tonnage till about September and
declining orders for new ship building.
- The overall sea-borne trade was not reported to have shown any
significant improvement. As the leading ship building
viz., Japan and Korea, were not reported to have contracted
any significant orders for new buildings mainly due to
strengthening of the Yen and Won, particularly against the
Dollar, the firmness in the freight rates was expected to
continue for some more time.
1987 - The company also had bid for two sister ships of m.v. ATHOS,
offer of which were withdrawn. Three months later, one of
m.v. PORTHOS was again offered for sale at U.S. .5 million
against the original offer of U.S. $ 11 million.
1988 - The effective availability of vessels remained at 8.25 which
the same as that in the previous year. The volume of cargo
carried on voyage and time charter during the year.
- The average duration per voyage also increased from 56 days in
the previous year to 67 days due to long delays in ports.
1989 - The company took delivery of m.v. ATHOS and m.v. PORTHOS and
renamed them as m.v. Chennai Perumai and m.v. Chennai Ookkam,
1991 - Despite recession that prevailed in the shipping industry
the first half of the period, the overall performance was
satisfactory, mainly owing to better capacity utilisation and
quicker turn around of ships at most ports. The company
1218 ship days.
- The company acquired one of Essars bulk carriers m.v. NAND
SHRISTI of DWT 26982. The company proposed to undertake the
management of vessels of Essar Shipping, Ltd. in phased
1992 - The company operated 1706 voyage days and 1408 time charter
The company's vessels were fully utilised during the year
for 58 days due to dry-docking and repairs.
- The company acquired two second hand handymax vessels viz.
Chennai Sadhanai of 37,635 DWT and m.v. Chennai Jayam of
- ESSMC was incorporated on 29th October, with ship management
its main objective. It is the first of its kind in India to
up technical management and operations of ships as a
service. ESSMC manages 33 vessels including ships of Essar
Shipping Ltd., SCICI Ltd., Essar International Ltd., & the
1993 - Acquisition of 2 nos. Handymax and 1 No. Panamax size vessels
placement of bulk of the fleet on time charter with Indian
- The company acquired three vessels viz. m.v. Nand Shweta of
40,876 DWT, m.v. Nand Nakul of 38400 DWT and m.v. Nand Anant
1994 - Despite these profits declined due to hike in interest finance
charges and higher provision for depreciation on the expanded
- 18,00,000 bonus equity shares allotted in prop. 1:1.
1995 - The overall income registered improvement. Following buoyancy
the freight rate and increased tonnage demand, the prices of
handy max bulk carriers increased and with a view to take
advantage of the situation, the company sold four of its bulk
1996 - During March, two young second hand modern double hull/double
bottom Suezmax Tankers were acquired.