South India Shipping Corporation Ltd.

YEAR                       EVENTS
 1964 - The Company was incorporated on 22nd January, at Chennai. 
 The
        main object of the company is World - wide tramping and
 coastal
        trading.
 
      - 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. 
 70,000
        shares were offered to the public.
 
 1971 - Partly paid shares made fully paid-up by capitalising
 reserves.
 
 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,
 was
        neutralised by a rise in rates of port and canal expenses and
        increase in depreciation charges by virtue of two ships
 operating
        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
 were
        lost by the company's vessels at various ports of the world
 of
        which berthing delays accounted for 160 days, dry-docking and
        repairs for 94 days and miscellaneous delays for 11 days. 
 The
        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
 nations
        viz., Japan and Korea, were not reported to have contracted
 for
        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,
 the
        offer of which were withdrawn.  Three months later, one of
 them
        m.v. PORTHOS was again offered for sale at U.S. $12.5 million
 as
        against the original offer of U.S. $ 11 million.
 
 1988 - The effective availability of vessels remained at 8.25 which
 was 
        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,
        respectively.
 
 1991 - Despite recession that prevailed in the shipping industry
 during    
        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
 operated
        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
 manned.
 
 1992 - The company operated 1706 voyage days and 1408 time charter
 days.  
        The company's vessels were fully utilised during the year
 except
        for 58 days due to dry-docking and repairs.
 
      - The company acquired two second hand handymax vessels viz.
 m.v. 
        Chennai Sadhanai of 37,635 DWT and m.v. Chennai Jayam of
 37,586
        DWT.
 
      - ESSMC was incorporated on 29th October, with ship management
 as 
        its main objective.  It is the first of its kind in India to
 take 
        up technical management and operations of ships as a
 specialised
        service.  ESSMC manages 33 vessels including ships of Essar
        Shipping Ltd., SCICI Ltd., Essar International Ltd., & the
        company.
 
 1993 - Acquisition of 2 nos. Handymax and 1 No. Panamax size vessels
 and 
        placement of bulk of the fleet on time charter with Indian
 and
        International charters.
 
      - 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
 of
        64978 DWT.
 
 1994 - Despite these profits declined due to hike in interest finance
 
        charges and higher provision for depreciation on the expanded
        fleet.
 
      - 18,00,000 bonus equity shares allotted in prop. 1:1.
 
 1995 - The overall income registered improvement.  Following buoyancy
 in 
        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
        carriers.
 
 1996 - During March, two young second hand modern double hull/double
 
        bottom Suezmax Tankers were acquired.