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SCI on the hunt for second hand tonnage

Mumbai: Shipping Corp of India may buy four to five used ships later this year mainly to import coking coal under a planned joint venture with Steel Authority of India, a senior company executive told Dow Jones.

"A proposal for buying ships, possibly from the secondary market, is being discussed," the executive, who declined to be named, said. "It will be placed before the board in August."

Shipping Corp. is in talks to set up a joint venture with Steel Authority, the country's biggest steel producer by local capacity.

The two companies will own 25% each in the joint venture, which is expected to be formed by March, Shipping Corp.'s Chairman and Managing Director S. Hajara said last month. The remaining stake could be offered to one or more private partners, including local or overseas financial institutions, Mr. Hajara said.

The nation's largest shipping company by fleet size is considering buying bulk carriers such as supramaxes or panamaxes, or even very large crude carriers, the executive told Dow Jones Newswires recently.  [04/08/09]


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