Shipping Corp to invest $4 bn to double tonnage capacity

13 Sep 2010 Evaluate

Shipping Corporation of India (SCI) will invest up to $4 billion (nearly Rs18,800 crore) in the next four years to double its total cargo carrying capacity to 10 million dead weight tonnage. Its capacity will be six million in a year’s time and around eight million tonnes in the next three years.

 

Overall for the shipping industry, conditions will improve after CY11, till when there will be a lot of supply-side pressure because of an excess number of orders made during 2004-08. SCI recently announced a follow-on public offer, which will see the government divesting more and Hajara was quoted as saying that the proceeds will be used to fund its expansion plans.

 

The company, which owns and operates about 35% of Indian tonnage, is also serious about backward integration and has recently called expression of interests from private shipyards for purchasing a stake.

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Shipping Corpn. Share Price

210.00 1.00 (0.48%)
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Company Name CMP
Shipping Corpn. 210.00
GE Shipping 968.85
Dredging Corp 849.00
Seamec 1115.80
Transworld Shipping 420.80
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