If Recession Continues, We Have the Intention to Continue Expanding Our Fleet: Mr. K.M. Sheth, Chairman, The Great Eastern Shipping Co. Ltd.

If Recession Continues, We Have the Intention to Continue Expanding Our Fleet: Mr. K.M. Sheth, Chairman, The Great Eastern Shipping Co. Ltd.

Life Time Achievement Award Conferred to Mr. K.M. Sheth, Chairman, The Great Eastern Shipping Co. Ltd.

It was a lifetime opportunity for the maritime professionals to witness Lifetime Achievement Award being conferred to Mr. K.M. Sheth, Chairman, The Great Eastern Shipping.

38^th Convocation & Prize distribution ceremony of NMIS provided an opportunity for many to hear from one of the living legends of our times. At the age of 85 with 65 years of dedicated contribution to the shipping industry and still a lot to contribute, humour was at its best when he said “I was under the impression that Life Time Achievement Award is given when you have retired and whatever achievements you have made, that’s why I should like to clarify I have not yet retired”.

At a time when Shipping Industry is not considered lucrative from investment perspective, The Great Eastern Shipping looked beyond investment returns and served cause of the nation, created more employment opportunities and increased India’s total shipping tonnage. Indian Ships, at one time, carried 38% of India’s EXIM trade and today this figure stands at less than 8%. Great Eastern Shipping has been in news during recent times as they have expanded their fleet. The company’s shipping tonnage presently stands at 3.38 million DWT. Mr. K. M. Sheth’s speech at the award ceremony was short but it left a lasting impression.

His Dream for Indian Shipping

The legend went on to say “When I joined Shipping, I always dreamt that considering national trade of our country, Indian shipping & maritime industry should be one of the biggest in the world but unfortunately for variety of reasons, it has not happened which is rather sad. I decided to keep on focussing and concentrating on working and expanding, our own companies. Our trade has been increasing by leaps and bounds, and with that at one time during my career, I noticed that Indian shipping industry was catering to 38% of the Indian trade, which unfortunately for variety of reasons, has now dropped to only 8%.”

About Fleet Expansion

“After the collapse of Lehman Brothers in 2008, there was a global crisis and everything started coming down. In Great Eastern I thought that this is the time to expand, because, the ship prices had dropped to 30-35% of last 30 years’ average and if you don’t buy now when will you buy? This is the golden opportunity, and therefore we started buying in the last couple of months, we have bought 8 vessels. If recession continues, we have the intention, to keep on expanding because I feel there is a golden opportunity to do so.

Appeal to Shippers

Referring to Make In India initiative undertaken by honourable Prime Minister, Mr. Sheth said “ I would appeal to all the Shippers, to follow up Make In India initiative by “Ship in Indian Flag Ships” and make Indian shipping industry to grow faster and keep up their acquisitions. Sometime I feel very sad that the countries like Singapore, Greece and Norway are all small countries with no national trade, yet the total tonnage under their flag is far greater than Indian Tonnage.

Appeal to The Government

Shipping is Global in every respect and if we want to be in any position globally, then the government of India, I would appeal, should follow international rules of the day. If we don’t follow Indian shipping will not grow. Therefore, I strongly appeal, educate yourself, learn international rules and regulations, and encourage Indian shipping for its future growth.

A Brief Profile of Shri. K. M. Sheth

Chairman, The Great Eastern Shipping Co. Ltd

Born in 1932, a student of the Sydenham College of Commerce, Bombay, he joined the company in 1952; became the Deputy Chairman and Managing Director in 1975 and rose to become the Chairman and Managing Director in 1992. After guiding the company in its strategic and decision making policies as the Executive Chairman for more than 20 years he ceased to be whole time Director of the Company in September 2014. He continues to be the Chairman of the Board of Directors of the Company. He is also on the board of Britannia Steamship Insurance Association Limited, London.

Previously, he held the post of President of the Indian National Shipowners Association (INSA) and was the employers’ group Chairman in the International Labour Organization (ILO) plenary session in Geneva. He continues to be Chairman of the South Asia Advisory Committee of Lloyds Register of Shipping and also Chairman of the South Asia Committee of Det Norske Veritas. He is Chairman of the Indian Committee of Nippon Kaiji Kyokai, Japan , member of ABS ( American Bureau of Shipping.) and a member of Indian Committee of ABS.

Mr. K.M. Sheth, Chairman of The Great Eastern Shipping Co. was bon in the year 1932. He joined the Great Eastern Shipping Compant at the age of 20. He rose to the post of Deputy Chairman and Managing Director in 1975. He became Chairman and Managing Director in 1992. GE is the first Indian company to own and operate an oil tanker and OBOs. First Shipping Company in the world to adopt pioneer design types of ships. Under his leadership, GE received Certificate of Excellence award from the National Maritime Day Celebration Committee being the fastest expanding shipping company, during the year 2003. The company’s shipping tonnage presently stands at 3.38 million DWT. Mr. Sheth ceased to be the whole time director of the company in 2014. He continues to be the Chairman of the Board of Directors of the company.

Source : Capt. Virendra Mishra/ TST Newsdesk

The Shipping Tribune