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New Delhi, April 10 Shipping Corp of India (SCI) has been affected by rising oil prices, which have risen by over a half in the year to March 2008.

Speaking to reporters, SCI Chairman and Managing Director, Mr S. Hajara, said that the company has been affected by rising oil prices, which have risen by over a half in the year to March 2008, and is currently trading at over $108 a barrel.

“Fuel costs have impacted all shipping companies... Our liner services have definitely been impacted, compared to last year,” he said, without quantifying the impact.

However, he said that there was no sign of a slowdown in the shipping industry despite a downturn in the US.

“I do not think there will be a very major impact,” he said, adding regions outside the US would make up for any possible decline in business.

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