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SCI announces $4bn fleet expansion

SCI announces $4bn fleet expansion

Mumbai: State-owned Shipping Corporation of India (SCI) has revealed plans to invest approximately $4bn for the acquisition of 72 vessels by 2012. "We have already placed orders for 12 vessels, which will cost us close to $1bn, and another order for an additional 60 vessels worth $3bn will be placed in phases," S Hajara, SCI chief managing director, told the Business Standard, adding that 12 ships are scheduled for delivery between 2008 and 2010, while the remaining 60 vessels would be delivered by 2012. Korea-based STX Shipbuilding is currently constructing six LR-1 product tankers of 60,000dwt for SCI in a deal worth $371m.

The new vessels are expected to virtually double SCI's present fleet of 79 vessels of 4.8m dwt.  [11/06/07]

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