The company told Indian media it was in talks with potential partners over theoffloading of a stake.

Its borrowings stand at between INR 3.5bn ($63.86m) and INR 4bn.

Last year it was reported that German owner Bernhard Schulte was interestedin teaming up with Gati.

Revenue from its four vessels fell nearly 15% to INR 69.6m in the third quarterending December 2012.

In 2011, Gati dropped plans to acquire two ships of between 400 teu and 500teu, one of which would have replaced its 6,780-dwt multipurpose (MPP) vesselGati Zipp (built 1983).