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SCI places orders on the back of stronger results

Mumbai: State-owned Shipping Corporation of India (SCI) announces it has ordered six LR-1 product tankers of 60,000dwt from Korea-based STX Shipbuilding in a deal worth $371m, the vessels due for delivery from 2010 onwards. It has also received government approval to order two cellular container vessels of 4,400teu, at a cost of $1.3m, from another shipyard to be finalised next month. The container vessels will be financed with a combination of internal SCI resources (30%) and external financing (70%).
The orders for the newbuildings come just as SCI has released its
second quarter results which show a 114% increase in net profits to Rs
32.1m ($7.1m). The company saw a 47% growth in revenues during the
quarter to end-September.
Previously SCI had announced changes to its Board late last month, with the appointment of B K Mandal, U C Grover and Kailash Gupta as directors, along with the re-appointment of directors S S Ragnekar, Dr Pritam Singh and R K Mitra. [27/10/06] 

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