Friday, 19 August 2011

Shipping Corporation of India

Shipping Corporation of India Shipping Corporation of IndiaShipping Corporation of India, The Shipping Corporation of India Ltd. (SCI) accepted delivery of a Supramax Bulk carrier, m.v. Vishva Malhar on 10th August, 2011. SCI had signed contracts for acquisition of

two Supramax bulk carriers on resale basis which were originally contracted by M/s Grand Yard Investment Pvt. Ltd., China and were under construction at M/s Guoyu Shipyard, China. SCI had signed contracts for these two resale vessels during April 2011.

The first vessel, m.v. Vishva Vijeta was delivered to SCI on 12.07.2011. The vessel has a gross tonnage of 33,032 tonnes and deadweight of 56,616 tonnes. The vessel has been classed with BV and IRS and has been built to comply with the latest and most stringent international regulations. This vessel is equipped with latest camless electronic Main Engine.

The world economy is presently reeling under the recessionary pressure. However, India has been continuing its growth trajectory and industrial and infrastructural development plays a major role to sustain this growth. As a National carrier, SCI has been aiming to increase its presence in India’s ever increasing dry bulk trade and strengthening its bulk carrier fleet would help SCI contribute to this growth.

The prevailing downturn in the shipbuilding market has thrown up opportunities for acquiring tonnage at attractive prices and the present acquisition is result of SCI’s preparedness to take advantage of such opportunities. With addition of this vessel, SCI’s fleet strength has increased to 80 vessels and SCI’s tonnage has attained a “historic high” of 5.81 million DWT. Acquisition of the vessel is in line with SCI’s strategy of maintaining a modern and young fleet of vessels. The Company has 30 vessels on order at present and 11 of these are scheduled for delivery by the end of 2011
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