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Allcargo Logistics sells last vessel, exits shipping business

Allcargo Logistics has sold its last vessel, thus exiting the shipowning and coastal shipping business.

Coastal bulk shipping growth remained low

Prakash Tulsiani, executive director and CEO at Allcargo Logistics, said: “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.” He added that the company would focus on the global container shipping sector.

The company, which is headquartered in Mumbai, provides services including LCL consolidation, FCL Forwarding – exports and imports, air freight services, movement of over dimensional and project cargo, multi city consolidation - exports and imports and DDU/DDP/Ex works.

 

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