SCI To Acquire Four Tankers

Wednesday, May 17, 2000
India's federal cabinet has approved state-run Shipping Corporation of India's proposal to acquire four Aframax tankers of 110,000 DWT each. The cabinet approval also permits SCI to borrow up to 80 percent of the vessel contract price from the international market. The four tankers will be acquired at a price of $35.76 million each on cash basis from South Korea's Hyundai Heavy Industries. The Aframax tankers will augment SCI's crude tanker tonnage to meet increased demand for crude oil transporation.
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