SCI to acquire 10 new ships for $600m

As a part of its tonnage acquisition and expansion plans, Shipping Corporation of India Ltd (SCI) has placed orders for ten new ships aggregating $600m, a top company official said. Delivery is expected to take place between FY 08 to FY 10. SCI has indicated it has further orders for six more newbuilding tankers and more acquisitions in the pipeline. The state-of-the-art newbuilding ships, which are being built to the most modern and latest specifications are not only expected to augment the company's fleet but also bring in great improvement in the fleet in terms of quality. SCI has also successfully accomplished conversion of its vessel Maharshi Karve from single hull to double hull tanker. In addition to the upgradation of OSVs, a few more tankers are also being converted from single hull to double hull. [Source: The Economic Times]