India-based Allcargo Logistics Ltd., an international freight forwarder and logistics provider, has acquired two additional general cargo vessels aggregating 24,000 dwt for its coastal shipping business, without disclosing the price tag attached to them.
Post this acquisition, Allcargo now owns a total of five cargo vessels. The main criterion for this acquisition was to cater to the growing requirements not only of coastal shipping but regional trade and commerce as well.
India has over 7,000 km of coastline. Considering India’s demography and strategic location as a global trade hub, the coastline will play a major role in coastal shipping services, says Allcargo. With the government increasing its focus on decongesting the exiting road and rail network, coastal shipping will play a pivotal role in India’s growing economy.
Allcargo specializes in moving bulk, break bulk, containerized and project cargo under its coastal shipping business.
Founder and Chairman of Allcargo, Shashi Kiran Shetty, said: ”As an organisation, we believe that India’s economy will need a more efficient and time saving mode of transportation, to keep pace with its growth. Coastal Shipping is the solution for this opportunity. We are helping our customers to create logistics solutions through coastal shipping, making their cargo movement more seamless and cost effective.”