Expansion program of Shipping Corporation of India continues with one more acquisition of Supermax Bulk carrier
The state owned Shipping Corporation of India Ltd. (SCI), country’s largest shipping company, took delivery of the first of the two Supramax bulk carriers they had contracted for following competitive global tendering process. SCI had selected the vessels of Grand Yard Investments based on the technical suitability and commercial competitiveness.
The contract for the acquisition of these two vessels on resale basis was signed in April this year. Originally contracted by M/s Grand Yard Investment Pvt. Ltd., China they were under construction at M/s Guoyu Shipyard, China. The second vessel is scheduled to be delivered to SCI by July end.
In an endeavor to fast track their expansion program SCI had embarked on the acquisition of resale vessels since two years ago. So far SCI has acquired 3 resale vessels. The first being a MR Product tanker m. t. Swarna Mala acquired in 2010 and two Supramax bulk carriers ordered in April 2011, of which the first vessel has now been delivered yesterday to SCI.
The latest acquisition, m. v. Vishva Vijeta, has a gross tonnage of 33,032 tonnes and deadweight of 56,638 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 will be the first vessel in SCI fleet to be equipped with camless electronic Main Engine.
India has been on a fast track growth trajectory and industrial and infrastructural development plays a major role to sustain this growth. Strengthening its bulk carrier fleet would definitely help SCI contribute to this growth as well as increase its presence in the bulk carrier segment. The prevailing downturn in the shipbuilding market is throwing up opportunities for acquiring tonnage at attractive prices and SCI is geared to take advantage of such opportunities.
With addition of this vessel, SCI’s fleet strength has increased to 79 vessels. The latest acquisition 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 12 of these are scheduled for delivery by the end of 2011.
The 30 vessels on order are under construction as follows:
Four Anchor Handling, Towing & Supply Vessels (AHTSV's) are under construction at the Bharathi Shipyard Ltd., India. Six Handymax Bulk Carriers, four Panamax Bulk Carriers and three Cellular Container vessels are being built at the STX (Dalian) Shipbuilding Co. Ltd., China. Four more AHTSVs, as well as two Platform Supply Vessels (PSV’s) are being built at the Cochin Shipyard India Ltd in South India. SCI has placed an order for four Kamsarmax Bulk Carriers being built at the Jiangsu Eastern Heavy Industries. Co. Ltd., China, and for two Very Large Crude Oil Carriers (VLCCs) being constructed at the Jiangsu Rongsheng Heavy Industries. Co. Ltd., China. Further a Supramax Bulk Carriers is being built for SCI at the Guoyu Shipyard China.