India's largest private sector shipowner, Great Eastern Shipping Co (GESCO), has almost always tended to move in a contrarian manner to the general direction of the market. Yet, even in the worst of times for the shipping industry, the company has consistently remained profitable. 'In most commodity businesses, one needs to be conservative, and not get carried away at the top of the cycle. One needs to remember that the commodity cycle could turn at any time,' says G. Shivakumar, GESCO's executive director and cfo.
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