Shipping Corporation of India (SCI) has signed contracts to acquire two resale Supramax bulk carriers from Grand Yard Investments, China.
These vessels have been acquired through a competitive global tendering process and SCI has selected the vessels of Grand Yard Investments based on the technical suitability and commercial competitiveness. These vessels are presently at an advanced stage of construction at Guoyu Shipyard, China.
They would be delivered to SCI within 4 months and 5 months of contract effectiveness respectively.
SCI presently has 17 bulk carriers in its fleet out of which some of the Handymax bulk carriers would be due for phasing out shortly.
The vessels contracted now would enable SCI to partly replace some of these Handymax bulk carriers which have completed their economic life. SCI also has another 6 Handymax bulk carriers on order with STX Shipyard, China which will join the SCI fleet this financial year.
SCI has embarked on a major fleet acquisition plan and presently has 31 vessels of 20.22 million deadweight tonnage (dwt) on order including all types of vessels, that is, crude oil carriers (VLCCs), dry bulk carriers, cellular container vessels and offshore supply vessels. Total investment for these projects would be over $1.39 billion (about Rs.6,200 crore).
Outlook
According to the company, the outlook for dry bulk trade remains positive because major economies of the world are on a revival path after the global slowdown and the fundamentals of Asian economies continue to be strong. SCI would be able to cater to this growing trade with the new vessels upon delivery. SCI also has further plans to augment its bulk carrier fleet by acquiring Panamax and Capesize bulk carriers in the near future.
