India's shipping sector, like its Asian peers, has been weathering a storm as it negotiates the double whammy of a global downturn and oversupply of dry bulk carriers and tankers.
Low charter rates have hit profitability in an industry which was still recovering from the global economic slowdown of 2008/09. The spectre of a second slowdown has caused asset prices to tank and forced shipping firms to diversify into the more lucrative offshore business.
State-owned Shipping Corp of India, India's largest shipliner, recently sought to assure investors saying it was not in any financial distress following media reports that the state-run firm had been asked by the government to halt its expansion plans.
