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SCI trades jubilantly on inking agreement for shipping LNG gas from US

07 Jun 2013

Shipping Corporation of India (SCI) is currently trading at Rs. 37.20, up by 1.95 points or 5.53% from its previous closing of Rs. 35.25 on the BSE.

The scrip opened at Rs. 36.40 and has touched a high and low of Rs. 37.90 and Rs. 36.00 respectively. So far 45489 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 61.65 on 12-Jul-2012 and a 52 week low of Rs. 34.75 on 06-Jun-2013.

Last one week high and low of the scrip stood at Rs. 38.35 and Rs. 34.75 respectively. The current market cap of the company is Rs. 1695.51 crore.

The promoters holding in the company stood at 63.75% while Institutions and Non-Institutions held 20.84% and 15.41% respectively.

Shipping Corporation of India (SCI) has inked an agreement with the state-owned gas utility, GAIL (India) for transporting liquid gas (LNG) from US. The shipping major will help GAIL charter ships to move 5.8 million tonnes a year of liquefied natural gas (LNG) that the state-run gas firm has contracted from Sabine Pass and Cove Point terminals in US.

GAIL has signed a 20-year contract to buy 3.5 million tonnes a year of LNG from Cheniere Energy Partners' Sabine Pass Terminal in Louisiana, USA for a period of 20 years. The company has also booked an additional 2.3 million tonnes capacity at Dominion’s Cove Point LNG liquefaction terminal project located at Lusby in the state of Maryland. As the agreements are on FOB basis, GAIL is required to make its own arrangements for transportation of LNG from these terminals.

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.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323