Shipping Corp Plans $4 Billion Vessel Buys
 
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Shipping Corp Plans $4 Billion Vessel Buys

      6/18/2007

The Shipping Corporation of India (SCI) will invest about $4 billion to acquire 72 vessels over the next five years as part of an ambitious fleet acquisition plan. SCI have already placed orders for 12 vessels, which will cost us close to $1 billion, and another order for an additional 60 vessels worth $3 billion will be placed in phases, according to SCI. The 12 ships were scheduled to be delivered between 2008 and 2010, while the additional 60 vessels would be added to the fleet in the next five years.

Currently, SCI has a fleet of 79 vessels and a substantial cash surplus on the balance sheet to support its acquisition plans. The current capacity of SCI is 4.8 DWT and it expects to increase it to at least 8 DWT. The 12 vessels ordered include 2 VLCCs (very large crude carrier), 2 container vessels and 6 crude carriers among others.


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