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A Bhavnagar-based fledgling company floated by three entrepreneurs, Sealand Shipping & Exports Pvt Ltd (SSEPL), bought a scrap ship `Maratha Concord' at a cost of Rs 1.25 crore, repaired it on an improvised dry dock at an incredibly low cost of Rs 4 crore and made it seaworthy for another 15 years. According to SSEPL managing director Ranjit Lahiri, a retired Indian Navy submarine commanding officer, a similar job in a regular ship-building or ship-repairing yard would have cost not less than Rs 14 crore.
The larger-than-barge but smaller-than-cargo ship, built by legendary Spanish seafarers and shipbuilders Astelliores de Cantabrico, was destined to the adjoining Alang ship-breaking yard. Instead, the trio brought the vessel to the 60-year-old Ferry Bandar, near Bhavangar, through an uncharted and unmarket marshy creek in May last year and repaired it in a year's time.
The new look ship, weighing 1,300 tonnes with a capacity to carry 4,000 tonnes cargo or containers, is fitted with a 45-tonnes crane,global maritime distress and safety system (GMDS), involving Immarsat, radars and eco-finders, etc. It was foated back on the creek by State Ports Secretary AD Desai on Saturday, ready for sail to high sea. The trio owed their success to Gujarat Maritime Board (GMB) for leasing out land and to Gujarat State Finance Corporation (GSFC) for providing the maximum possible loan of Rs 2.40 crore for such a project.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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