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SCI's single hull phase out continues

Mumbai: Shipping Corporation of India plans to scrap seven single-hull tankers by the end of this fiscal year to meet the global deadline to phase out single-hull tankers by 2010. "Initially, we had planned to sell five single-hull tankers, but now we are looking to scrap one or two more," Capt K.S. Nair, Director Bulk Carrier and Tanker Division, SCI, told Business Line.?Recently, the State-owned company sold one tanker. "At present, we are planning to sell another two tankers and the deal will be done soon," he added. The sale rate would be around $250-300 per light weight tonne. ?Capt Nair said the tankers being phased out have been around for 20-25 years. Currently, SCI has around 42 tankers, of which around 30 per cent are single-hull. ?The State-owned shipping firm is also looking to borrow Rs 1,300 crore by the end of the current fiscal year for acquisition of vessels. It is looking for second-hand vessels as rates have fallen steeply. "We will be substituting new buildings with second-hand acquisitions, which are relatively three to five years old," Mr S. Hajara, Chairman and Managing Director, SCI, said. [05/10/09]

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