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Shipping Corp likely to sell its two ageing vessels

08 Jun 2011 Evaluate

Shipping Corporation of India (SCI) is planning to sell its two ageing vessels, a 25-year-old bulk carrier and a 20-year-old single hull tanker from its fleet of 79 ships this year.

The company will also be evaluating the idea whether to retain or dispose 12 other vessels - 10 offshore supply vessels and two passenger ships - that would complete 25 years by next year. The company’s fleet has an average age of 15 years. As per the dead weight tonnage SCI is likely to get $5-7 million per vessel. The company had sold nine vessels in 2009-10. The shipping major is also considering foraying into the business of rigs and it is in talks with some operators.

As part of its backward integration the company is also working on a blueprint to start ship building activity. SCI is going to add 17 vessels to its fleet during FY12.

Shipping Corpn. Share Price

299.15 -6.70 (-2.19%)
20-Apr-2026 14:20 View Price Chart
Peers
Company Name CMP
Shipping Corpn. 299.15
GE Shipping 1422.95
Dredging Corp 1011.65
Seamec 1558.55
Shreeji Ship.Global 370.00
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