Thoppumpady (Kochi): The first shipping company formed by 51 NRI Malayalees to facilitate cargo traffic in Kerala has been caught in a web weaved by debts. The ‘Great Sea Shipping Limited’ has been caught in a huge debt of Rs 45 crores. The project was started in 2014 as part of ‘Emerging Kerala’. 

A ship called ‘Great Sea Vembanad’ was started by spending crores of money. Proper cargo traffic centring around Beypore, Azheekal, Kochi and Kollam was the aim of the project. The government had also granted several benefits to see the fulfilment of the project. But the government refused to agree to various agreements signed on paper. 

This project was initiated to support cargo traffic via waterways. However, there was no initiative from the government’s side to develop the minor harbours and deliver cargo which resulted in huge losses. The government had promised to provide incentives to handle the losses, which was also unfulfilled. The government had also promised concession for  port charges and the goods handling charges in harbours. Even cranes were not available in several places to unload goods. 

The debts caused serious financial problems. The ship has been docked at Munambam harbour for sale after the court’s intervention in the matter.