MNSL reduces debt by US$7 million

The Maldives National Shipping Limited (MNSL) has reduced its US$16 million debt to US$9 million, closing its Sri Lankan branch, downsizing its Singapore office and gave off leased containers.

“Our objective is to settle the [remaining] debts by next year,” Haveeru reports Chairman Mohamed ‘Senco’ Shareef, as saying. “After we took over the management of the company, we took several measures to reduce expenditure including reducing employees and administrative expenses.”

The company now expects to purchase a 5000 tonne cargo carrier following the sale of the 12,000 tonne “MV Maldive Enterprise” currently anchored at an African port because of a malfunctioning engine and costing the company US$2,000 daily.

“We are checking the prices. We expect to buy a 5000 tonne cargo carrier for about US$1.9 million. We hope that we would be able to settle the debts with the new cargo carrier and an existing one,” Haveeru reported Shareef as saying.