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SCI to acquire 72 vessels for $4 billion

SCI to acquire 72 vessels for $4 billion
PTI
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First Published: Tue, Jun 12 2007. 12 37 AM IST
Updated: Tue, Jun 12 2007. 12 37 AM IST
Kolkata: TheShipping Corporation of India (SCI) will invest about $4 billion (Rs16,400 crore) to acquire 72 vessels over the next five years as part of an ambitious fleet acquisition plan.
“We have already placed orders for 12 vessels, which will cost us close to $1 billion, and another order for an additional 60 vessels will be placed in phases worth $3 billion,” SCI chairman and managing director S. Hajara said on Monday.
The 12 ships are scheduled to be delivered between 2008 and 2010, while the other 60 vessels would be added to the fleet in the next five years, Hajara said.
Currently, SCI has a fleet of 79 vessels and cash surplus of around Rs2,500 crore on the balance sheet to support its acquisition.
The current capacity of SCI was 4.8 deadweight tons (dwt) and it was expected to increase to at least 8dwt after these acquisitions. Among the order for 12 vessels, two are very large crude carrier, two container vessels and six crude carriers.
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First Published: Tue, Jun 12 2007. 12 37 AM IST
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