Companies

Shipping Corpn to buy two bulk carriers from Chinese shipyard

| | Updated on: Apr 17, 2011

Shipping Corporation of India (SCI) has signed contracts for acquisition of two resale Supramax bulk carriers with Grand Yard Investments Ltd, China.

SCI acquired the vessels through a competitive global tendering process and selected the vessels based on the technical suitability and commercial competitiveness, a company statement said.

Currently, the vessels are under construction at the Guoyo Shipyard in China which is part of the Grand Yard Investments group. Construction is in advanced stages and the vessels will be delivered to SCI in four-five months of contract effectiveness.

SCI has 17 bulk carriers in its fleet out of which some of the Handymax bulk carriers would be due for phasing out shortly. After the acquisition of the two Supramax bulk carriers, SCI will be able to partly replace some of the Handymax bulk carriers. SCI is also awaiting delivery of six more Handymax bulk carriers via an order placed with STX Shipyard, China. These will join the SCI fleet during 2011-12.

Overall, the company has 31 vessels of 20.22 million DWT on order as part of a major fleet acquisition. The pending orders include all types of vessels – crude oil carrier, dry bulk carriers, cellular container vessels and offshore supply vessels. The total investment for these would be over $1.39 billion (about Rs 6,200 crore).

Published on November 17, 2017

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