Shipping Corporation of India (SCI) /14 May 2001/

Shipping Corporation of India (SCI) is likely to commence weekly direct container service to Far East

SCI is developing a consortium for this along with three partners, which includes K Line of Japan, Dongnama of Korea and Pacific International Line of Singapore. The consortium would employ five chartered ships for this service; the four partners would charter one vessel each with a capacity of about 1,400 TEUs and the ports of call for the service would be Jawaharlal Nehru Port, Colombo, Singapore, Hong Kong, Pusan and one of the Chinese ports.

In a separate development SCI has announced a fleet acquisition programme of eight tankers, two bulk carriers and three container vessels for fiscal 2001-02. The acquisition programme would involve raising funds from the international market. SCI had raised around US$ 150 million last year from the international market and the current acquisition would warrant around US$ 300 million. Meanwhile SCI also planned joint ventures with M/s. NSCA for crude transportation and floating storage offshore operations on the east coast of India.

Indian Shipping Companies recorded highest-ever profit

since inception despite a very slow revival of the economies of South-East Asia. Companies like Shipping Corporation of India (SCI) and Great Eastern Shipping have shown significant improvement in financial results. SCI has registered a record profit before tax of Rs. 5.78 billion for the financial year ended March 31, 2001. Great Eastern Shipping has also earned the highest ever profit in its history. The company has reported an operating profit of Rs. 4.73 billion for the financial year 200-01 against the previous year's record of Rs. 3.68 billion by registering a growth rate of 28.6 %.

Source: Indian Maritime Newsletter