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SCI pulling out of chemical tankers joint venture

SCI pulling out of chemical tankers joint venture
Shipping Corp of India (SCI) has decided to pull out of its chemical tanker joint venture SCI Forbes, due to continuing losses of the company, reports said.

SCI owns a 50% stake in SCI Forbes, a chemical transportation company established in 2009 with four new chemical tankers each with a capacity of 13,000 dwt.

Shapoorji Pallonji Group companies Forbes and Co and Sterling Investment Corp each own 25% in the chemical tanker joint venture.

“The board of SCI has allowed the company to exit the joint venture by selling its 50% stake to the other partners. The stake sale will be concluded by December,” a member of SCI's board said.

“The joint venture has been making losses right from the time it started operations. SCI can't be infusing money into the joint venture any longer, the board member said.