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Shipping Corp of India delays ordering

Shipping Corp of India delays ordering

Kolkata: State-run Shipping Corp of India has put orders for new vessels on hold till March but its long-term plan to buy 40 vessels by 2011/12 is on track, a top official said on Tuesday.

"We have decided not to order till March but we are taking deliveries on schedule. There is no change in plans to order 40 ships worth $2.5-3 billion by 2011/12," Chairman and Managing Director S. Hajara told reporters on the sidelines of a seminar on ports on the east coast of India.

SCI has taken delivery of three vessels this fiscal, he said.

Hajara also said he expected the tanker freight market to remain stable in the near-term on firm energy demand.

Tankers constitute about 80 percent of the company's total tonnage, Hajara added.

Vessel prices have not fallen despite the global economic downturn as shipyards had order books till 2012, he said.

"Prices of key inputs and components for building ships have not fallen significantly despite the slowdown." [21/01/09]