SCI set to buy three container ships for $225 mn

State-owned Shipping Corporation of India(SCI) plans to acquire three new container ships in the New Year, and has set aside $200-225 million to fund these purchases, a top company official said.

State-owned Shipping Corporation of India(SCI) plans to acquire three new container ships in the New Year, and has set aside $200-225 million to fund these purchases, a top company official said.

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"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," a senior SCI official told PTI.

Presently, Shipping Corporation has a total fleet strength of 76, which includes five container vessels.

Taking into account a visible pick up in the trade volumes in the recent past, the shipping major decided to strengthen its fleet strength, the official said.

"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 official said.

Reflecting the recovery and the corresponding revival in the export trades from Europe to Asia, shipments in the Europe-Asia trade route have increased by 12.57 per cent in October to 464,689 Twenty-foot equivalent units (TEU), from last year's 413,249 TEUs.