CHITTAGONG Dec 31 State Minister for Shipping Shajahan Siraj said here today that the present government had undertaken mas sive programme worth Taka 450 crore for expansion of Bangladesh Shipping Corpo ration (BSCI fleet to make the organisation a profitable one reports BSS.

Addressing the Annual General Meeting (AGM) of BSC as chief guest, the state minister said, under the pro gramme, two container ships and one mother oil tanker would be procured soon, while seven other ships would be procured'in phases by next few years.

Shipping Secretary An warn! Islam. BS< Managing Director S M Shamsul Alam, among others, spoke Share holders and officials attended the Hireling

The state minister said that only 10 per cent exter mil trade of the country was being carried by 1 8 ships of BSC and 12 ships in the private sector. He said to over come the situation, the gov eminent had withdrawn duty on import ol ocean-going ship and declared shipping as an industry

Siraj called upon the local and foreign enlrepeneurs to avail the opportunity being provided by the government

for expansion of shipping sector

Referring to the congestion surcharge imposed by shipping Unes on freight rate for C hittagong. Shajahan Siraj said there was now no Justlfi cation on imposing the sur charge The congestion in Chittagong Port is over, he said adding this is also admit ted by the business comunlty of the country

He called upon the main line operators and feeder service operators to with draw the unjustified sur charge.

Giving a brief financial pic ture of BSC. the state minis ter said due to pursuance of

wrong policy in procuring shins the rnmorattnn had incurred loss amounting to Taka 277 crore till June this year since its inception.

BSC earned an operational profit of Taka 19 34 crore in the last fiscal year, its net loss in that year stood at Taka 12.88 crore.

However, he noted with satisfaction that net loss of BSC in 1994-95 fiscal had been decreased by Taka three crore than the fiscal 1993 94

The state minister in formed that average age of BSC s ships is about 13 years Four old ships of BSC will be disposed off. he said