SCI plans to buy 3 vessels; mulls India-Africa liner route | business | Hindustan Times
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SCI plans to buy 3 vessels; mulls India-Africa liner route

business Updated: Mar 23, 2010 22:11 IST

State-run Shipping Corporation of India plans to buy three new container ships by 2010-end and has earmarked $220-225 million (around Rs 1,050 crore) to fund the purchases, a senior official of SCI said on Tuesday.

Shipping Corporation of India (SCI) also plans to a new container liner route from India to Africa, the official said.

"We are evaluating various options to start an India-Africa liner route. We also have plans to acquire three new container ships by this year-end," the official said, adding the corporation has earmarked $200-225 million to fund these three vessel-purchases and plans to float a tender for the same in the next few days.

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

In May, SCI had entered into an agreement with MSC to run its European service.

At present, Shipping Corporation has a total fleet of 76, which includes five container vessels.

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