13 de Diciembre de 2019| Última actualización 18:19 GMT

SCI sidelines vessels acquisition for current FY

editor | 06 Octubre del 2009

Shipping Corporation of India (SCI) Director (Finance) B K Mandal revealed that in view of the likely correction in shipbuilding prices, for the current financial year the corporation will not go beyond the order-book of 32 vessels of about 1.9-million deadweight tonnage worth Rs 2,300 crore capex. SCI had planned to acquire more than double this number of vessels, but this and other acquisition projects are being kept on hold, said SCI Chairman and Managing Director S Hajara.

The 70 vessels the company had planned to acquire during the 11th Five-Year Plan (2007-12) included bulk carriers, crude tankers and container vessels.Hajara and Mandal said the company, whose debt-equity ratio is 0.4%, would find difficult to raise debt this year on account of the current economic meltdown but added that the company would nevertheless actively pursue its plans of expansion in shipping markets within a short time span. At present SCI is considering the possibility of buying second-hand ships instead of new ones, Hajara said.


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