The Hindu Business Line : Fall in liner rates hits SCI net in Q2

Mumbai, Nov. 1 Lower freight earnings from the liner segment have led to a sharp decline of 43 per cent in the net profit of Shipping Corporation of India at Rs 182 crore in the second quarter ended September 30as against Rs 321 crore in the same quarter a year ago.

The total income of the company fell by 14 per cent to Rs 946 crore (Rs 1,098 crore).

Commenting on the results, Mr S. Hajara, Chairman and Managing Director, said: “Though rates in the bulk segment have improved, they have come down in all other segments be it liner, VLCCs and substantially on the tanker side.

“Fall in liner rates have had an immediate impact on us.”

“With the moves towards consolidation in the container liner operators, the rates would slightly improve over the period.

“Decline has been arrested and is already seeing improvement,” he added.

SCI has plans to have a shipyard of its own.

“It would be a greenfield project with the capacity to build right up to VLCCs,” he said refusing to divulge further details.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Hoping for smooth airport transition

Kochi to replace, strengthen old structures in berths

L&T bags Mumbai airport contract

‘No case for 2 airports in Bangalore’

Mundra Port & SEZ IPO subscribed 5 times

Vizag port handles record cargo

Non-compete clause mooted for fixed period in public-pvt bids

Fall in liner rates hits SCI net in Q2

Kochi port staff body forms youth wing

Railways: Better deal for travelling public

India, Germany to form task force on rlys

Rlys to set up Chhapra wheel production unit

Tough landing