Chowgule Steamships main business is owning and chartering vessels and providing shipping services such as manning ships,fixing vessels,taking ships on bareboat charter and other activities connected with shipping. The company issued rights shares aggregating Rs 38.75 cr in Oct.'94, to finance the expansion-cum-modernisation of its fleet of vessels. With the successful implementation of the project, its fleet tonnage was increased to 4,70,000 dwt, reducing the average age of the fleet from 10.1 years to 9.6 years. The company has a fleet of 11 vessels -- six mini-bulk and five bulk carriers -- aggregating 3,10,229 dwt. Most of its ships are engaged in cross trade, i.e., moving international cargoes, resulting in foreign exchange earnings which constitute about 80% of the total earnings. Chowgule Steamships Overseas, a wholly-owned subsidiary, was incorporated in Guernsey in 1993 to purchase/charter/operate ships/offshore vessels, secure management contracts, render other shipping services such as manning of ships, fixing of vessels, taking ships on bareboat charter, act as a broker and carry out any other business connected with shipping. The company is also one of the largest carriers of cement clinker on the Indian coastline. The major client for the coastal trade is its group company, Narmada Cement. Two new Panamx Vessels ordered on Keelung Shipyard of China Shipbuilding Corporation in Taiwan were delivered in Nov'96 and June'97 respectively and the Mini Bulk Carrier under construction at the shipyard of Borneo Shipping & Timber Agencies Sdn. Bhd., Malaysia was delivered in Jul'97. Also the new building, a Mini Bulk Carrier of about 3250 DWT under construction at the Loutulim Shipyard of Chowgule & Co Ltd, Goa for which lease finance is availed from State Bank Of India. Due to severe liquidity cruch and debt burden the Panamax Vessel M V Maratha Memory was sold in january,2002 and the proceeds were utilised for repayment of IFC loan. It has also sold its Coastal Vessels namely MV Maratha Cruiser & MV Maratha Clipper in 2001-02.