Shipping Corp of India will spend $1.4bn on India commercial fleet renewal
Media Release
Jun. 19, 2006

Shipping Corp of India has announced ambitious plans to spend Rs63bn ($1.4bn) to acquire 35 mostly secondhand vessels to renew its fleet over the next year, while reaffirming its intention to break into LNG shipping.

Renewal of the state-run company's fleet of 82 mostly tankers and bulk carriers is urgently needed if the company is to remain competitive and able to handle India's booming trade. They have an average age of 21 years. Sabyasachi Hajara, SCI chairman and managing director, said: ''I will readily admit that acquisition of 35 vessels in a single year is extremely ambitious, and has not occurred before in the history of the corporation.'' Speaking in Mumbai at a company results presentation, he added: ''That is our goal, and we will do our best to buy as many vessels as we can during the current fiscal year, with a spillover into the next fiscal. ''Obviously, very few of the purchases this year will be newbuildings, since shipyards are choc-a-bloc at the moment; so the bulk of our acquisitions would have to be from the secondhand market.''

Shipping Corp of India will spend $1.4bn on India commercial fleet renewal
Media Release
Shipping Corp of India has announced ambitious plans to spend Rs63bn ($1.4bn) to acquire 35 mostly secondhand vessels to renew its fleet over the next year, while reaffirming its intention to break into LNG shipping.
READ MORE>>

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