SCI’s Worldwide Agents’ Meet 2016

Maritime Activity Reports, Inc.

March 4, 2016

The SCI’s Worldwide Agents Meet 2016. Photo R. K. Sharma, General Manager IC (Public Relations) of SCI

The SCI’s Worldwide Agents Meet 2016. Photo R. K. Sharma, General Manager IC (Public Relations) of SCI

The Shipping Corporation of India’s (SCI) Worldwide Agents' Meet 2016 held on March 2nd, 2016 drew 88 agents from across the world to participate in the Meet. There were representatives from Far East, Indian Subcontinent, Persian Gulf, Western Europe, Mediterranean, Black Sea, East and South Africa, Red Sea, Myanmar, USA, etc.

The Chairman & Managing Director (CMD) Capt. B.B. Sinha, CMD, SCI, while delivering the keynote address welcomed the Agents who had gathered from around the world. He gave a brief about the Global shipping scenario. He indicated the tough journey of the shipping fraternity from 2008 till date and how the global supply of ships has outpaced the global demand. He emphasized that the Liner (Container) Shipping and the Dry Bulk Carriers are going through a deep recessionary phase. Capt. B.B. Sinha stated that SCI has adopted various measures to contain the losses and has succeeded in coming out of the woods after posting losses continuously for three years. He stressed that fiscal discipline needs to be followed by both Principal and Agents.

Director (L&PS) of SCI, Capt. S. Narula also extended a warm welcome to the gathering and emphasized the importance of reducing the system costs in today's market where ultra low freight was the rule rather than an exception. He stressed that SCI's liner focus would increasingly be on trade on the coast and with adjacent countries. There were plans to re-look at the whole concept of breakbulk shipping keeping in mind the huge project cargoes expected to be generated.

Director (T&OS) of SCI, Capt. K. Devdas in his address enlightened the participants about the SCI’s acquisition plans as on date. He stressed upon selective acquisition of additional tonnage to keep the fleet young and expressed acquisition of vessels in future too.

Director (Finance) Mrs. H.K. Joshi stated that it has been the "survival of the fittest" and highlighted the financial crisis that hit hard on SCI’s financial performance during the year due to which there has been drastic fall in the Operating Income, Sales, PAT etc. She also stressed on the necessity for improving the top line, bottom line and cash for the Company, to ensure uniform growth of the company.

Director (B&T) Mr. S.V. Kher expressed that "to change" is the the only way forward to survive in the competitive business scenario today. He solicited fast and regular flow of information from the Agency Houses regarding the competition profile, market information, etc.

The Meet focused on improving SCI’s market share, developing existing business portfolios, and evaluation of agency performance.

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