SCI to place orders for 6 ships in 2 wks
Shipping Corporation of India (SCI), whose plan to acquire 12 ships has been cleared by the government on Monday said it would place in the next two weeks orders for six vessels costing $400 million.
By PTI |
KOLKATA: Shipping Corporation of India (SCI), whose plan to acquire 12 ships has been cleared by the government on Monday said it would place in the next two weeks orders for six vessels costing $400 million.
Also, the company will raise $300 million through External Commercial Borrowing (ECB) route during the current financial year, its Chairman and Managing Director S Hajara said.
"We have received cabinet approval for block acquisition of 12 vessels," he said on the sidelines of a CII seminar on Logistics. The cost of 12 vessels was estimated at Rs 3,193 crore.
The company would acquire four Aframax tankers of about 1,10,000 DWT each, two large Range-II product tankers of about 95,000 DWT each, four Panamax bulk carriers of about 75,000 DWT each and two cellular container vessels of about 5,000 TEU each.
SCI would finance these ships through internal accruals, which would be 20-25 per cent of the contract price.
The corporation has a roadmap to acquire 60 new vessels at a total cost of USD 3 billion over the next four to five years to enhance capacity. The fleet acquisition would help SCI to meet the increased demand for crude oil transportation.
Hajara said additional equity capital would not be required as cash flow was comfortable and the company was sitting over a cash pile of Rs 2,500 crore.
Also, the company will raise $300 million through External Commercial Borrowing (ECB) route during the current financial year, its Chairman and Managing Director S Hajara said.
"We have received cabinet approval for block acquisition of 12 vessels," he said on the sidelines of a CII seminar on Logistics. The cost of 12 vessels was estimated at Rs 3,193 crore.
The company would acquire four Aframax tankers of about 1,10,000 DWT each, two large Range-II product tankers of about 95,000 DWT each, four Panamax bulk carriers of about 75,000 DWT each and two cellular container vessels of about 5,000 TEU each.
SCI would finance these ships through internal accruals, which would be 20-25 per cent of the contract price.
The corporation has a roadmap to acquire 60 new vessels at a total cost of USD 3 billion over the next four to five years to enhance capacity. The fleet acquisition would help SCI to meet the increased demand for crude oil transportation.
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Hajara said additional equity capital would not be required as cash flow was comfortable and the company was sitting over a cash pile of Rs 2,500 crore.
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