They have gone from an end to end shipping company to more of a leasing company. By doing that they have saved all their fuel cost so thats why higher margins.
But with this model they need a lot of capital and networking for future growth. Currently they rely on their parent company to provide most of lease contracts (as high as 75%). This + the fact that most of their fleet is old and would need an upgrade in the next few years is what’s holding the company down. It requires close to 300cr for one ship to be upgraded. They recently upgraded one.
I studied the company but failed to understand how they will earn going forward. So not invested.
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