Shipping Corporation of India on a ship acquisition spree
The Shipping Corporation of India (SCI), country’s largest shipping company took delivery of a 47,878 dwt Medium Range product tanker, “Suvarna Kalash” from the Jinling Shipyard, a major enterprise of China Changjiang National Shipping Group. With this the fleet size of SCI has soared to 79 vessels with a tonnage of 4.7 million dwt.
Earlier in June this year the company accepted delivery of a crude container named “Desh Vishal” from Daewoo Shipbuilding Marine Engineering Co. It has a gross tonnage of 162,412 tons and has come to become the largest vessel in the Indian Register presently.
“SCI the government owned conglomerate today commands about 35% of the Indian tonnage,” stated the company’s spokesman, Gajanan Shetti, Deputy General Manager. “In tune with the worldwide trend of specialisations and the premium placed on core-competencies, the SCI has charted a definitive course of action for the future. The thrust areas for growth and diversification focus has been on energy transportation and offshore. The company heralded India’s entry into the specialized field of LNG transportation by acquiring a stake in the two Indian LNG transportation agreements contracted that too after a global bidding process.”
The company robust performance, despite the economic downturn yielded record revenue in the past fiscal 2008-09 to the tune of $ 98.4 million compared to $ 86.9 million in the previous year. The profits were higher at $ 20.01 million as against $ 17.32 million netted in 2007-08.
SCI is on a vessel acquisition spree and has on order 31 new buildings with plans to acquire additional 38 vessels by end of the 11th Five Year Plan (31st March 2012). One more product tanker being built by Jinling Shipyard is expected to join the fleet in another six months. On 9th July 2009 the company had placed an order for two Platform Supply vessels (PSVs) and two Anchor Handling towing and supply (AHTS) vessels with Cochin Shipyard Ltd.
Further, it contracted for six LR-I size Product Tankers, six Handymax and four Panamax bulk carrier placed with STX Shipbuilding Co. Ltd. of South Korea. Informatively this became the largest shipbuilding contract ever signed by STX Shipyard in terms of value. All these are expected to be delivered from the first half of 2010 onwards. The SCI also has on order four Aframax and two LR –II product tankers with Hyundai Heavy Industries Co. Ltd of South Korea. Another four AHTS new-building are pending delivery by Bharati Shipyard Ltd.