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This is a fascinating insight into the issues facing India’s biggest shipowner, the majority state-owned, (and state-neglected) Shipping Corp of India. Lack of action from its shareholder has forced it into uncomfortable positions – buying expensive ships when they are good discounts to be had; lack of flexibility in decision-making and no chairman or managing director since the start of the year. A parliamentary committee recently compared it with the muddle that is Air India – which is not where any company wants to be.

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