Shipping Corp to buy 37 vessels over next two years

State-owned Shipping Corporation of India (SCI) plans to buy a total of 37 vessels of which 31 would be new ones over the next couple of years as trade volumes begin to recover after last year's economic meltdown.

        The company also plans to buy six second-hand vessels to augment its fleet, for which it has already floated a tender. At present, the company wants to buy at least six second-hand vessels. The vessel prices have been on the decline since the past few months and the company could look at more buys over the next five-years.

        SCI presently owns 76 ships of 5.1-million DWT (dead weight tonnes) with substantial interests in almost all segments of the shipping trade. Besides, the company manages 60 vessels of 0.2-million tonnes DWT.