SCI orders 6 Handymax carriers

The Shipping Corporation of India Ltd.(SCI) has placed orders for six Handymax bulk carriers with STX Shipyard, Korea.

The vessels will weigh in at 57,000 dwt each, built to specifications at STX Shipyard’s facilities in Dalian, China. They are to be delivered to SCI between the end of 2011 and early 2012, and classed with DNV and IRS.

The present order is the second series of orders SCI has placed with STX Shipyard, the first being six LR-I product tankers, orders for which were placed on October 27.

SCI has been on a vessel ordering spree.

The latest order takes its order book to 28 vessels of 1.3million gross tonnage (2.3 million dwt), including two VLCCs, two 4,400 TEUs container vessels, two LR-Ⅱ, six LR-Ⅰ and two MR product tankers, four Aframax tankers, four anchor handling towing and supply (AHTS)vessels and the six newly ordered vessels.

All these vessels are scheduled for delivery between 2008 and 2012. The total investment envisaged is around Rs 6,700 crore.

Delivery of these vessels will strengthen SCI’s dry bulk fleet, which stands at 20 vessels at present. The dry bulk market has witnessed high growth recently and the acquisition of vessels is well-timed to capitalize on this growth.

SCI plans to augment its bulk carrier fleet by ordering Panamax and capsize bulk carriers in the near future.

This would further strengthen its position as a dominant player in the shipping sector and help it emerge stronger in the bulk segment.

SCI, the largest Indian carrier with about 32% of the country’s total tonnage, is the first Indian shipping company to reach the milestone of a billion dollar market capitalization, net worth and turnover, said an official.