New lease of life for CSC

24 June 2008

The Ceylon Shipping Corporation (CSC) has acquired a 165,000 MT oil tanker through its joint venture with a member of the global shipping dynasty family, Pyrros Vardinoyannis.The joint venture was signed recently in Tangalle, Sri Lanka, between Vardinoyannis and CSC,a wholly government-owned entity.

The joint venture company, CSC Kandia, is expected to put value back into the CSC as a ship owner and operator, thereby enhancing its ability to aggressively pursue various types of cargo movements.

In the past, the CSC owned and operated 17 vessels but now operates a substantially reduced fleet of two small vessels. With the advent of the CSC-Kandia joint venture, highly-placed sources at CSC opine that a real possibility exists for the CSC to revamp and re-establish its previous dominant role.

Ceylon Shipping Corporation (CSC)