Shipping Corporation of India to buy three newbuildings

STATE-OWNED Shipping Corporation of India (SCI) plans to buy three new containerships for US$200 million - $225 million in 2010 on the back of a recent increase in trade volumes, reports the Press Trust of India.

"SCI plans to purchase three new container vessels, along with its existing JV partner Mediterranean Shipping Company (MSC). These will be executed after securing the necessary board approval," said a senior SCI official.

Shipping Corporation of India currently has a total of 76 vessels in its fleet, including five containerships.

"We have seen a significant pick up in volumes in the recent past, on account of the recovery in the domestic and global markets. The volumes are expected to pick up further in the months ahead," the unidentified official added.

Source: Schednet