Shipping Corporation of India (SCI) is planning to buy one or two LPG ships, besides placing orders for some smaller offshore vessels, this year at a cost of Rs 800 crore, which will be its first vessel acquisition in over three years. The acquisition will be funded through equity of Rs 300 crore and debt of Rs 500 crore.
India’s largest ship owner had to shelve its buying plans all these years due to its financial losses, tepid freight market conditions and high asset prices. Its losses for the last three fiscals were Rs 275 crore, Rs 114 crore and Rs 428 crore, respectively.
SCI is the only Indian shipping company operating break-bulk service, international container service, liquid / dry bulk service, offshore service, passenger service, in addition to manning / managing a large number of vessels on behalf of various government departments and organizations.