SCI to purchase two resale Supramax bulk carriers

The Shipping Corporation of India (SCI) last week signed contracts for acquisition of two resale Supramax bulk carriers with Grand Yard Investments Ltd, China, according to Exim News Service. The vessels were acquired through a competitive global tendering process and selected based on technical suitability and commercial competitiveness.


They are currently at an advanced stage of construction at Guoyu Shipyard in China, which is part of the same group as Grand Yard Investments. They will be delivered to SCI within 4 and 5 months, respectively.


SCI currently has 17 bulk carriers in its fleet, of which some Handymax vessels are due for phasing out shortly, having completed their economic life. The new vessels would enable SCI to partly replace some of the phased out tonnage.


The company also has another 6 Handymax bulk carriers on order with STX Shipyard, China, which will join its fleet in the current fiscal.


The major economies of the world are on the revival path after the global slowdown. And with the fundamentals of Asian economies continuing to remain strong, the outlook for dry bulk trade remains positive. SCI aims at enhancing its services to this growing trade with the new vessels. It also plans to further augment its bulk carrier fleet by acquiring Panamax and Capesize bulk carriers in the near future.


SCI has embarked on a major fleet acquisition programme and presently has 31 vessels of 20.22 million DWT on order. This includes ships of all types, i.e., crude oil carriers (VLCCs), dry bulk carriers, cellular container vessels and offshore supply vessels, envisaging a total investment of $ 1.39 billion (about Rs 6,200 crore).
(Source:http://www.transportweekly.com)