Country's largest Shipping Company, SCI, along with shipowners body INSA, has requested the government for sovereign guarantee to domestic shipliners for transport of crude oil from Iran, which is facing sanctions from the US and Europe.
The shipping industry may be going through a tough period, but some companies are sensing an opportunity in it. With ship prices declining by over 65 per cent, they are seeing it as a great chance of acquiring assets at a cheaper price.
With its core shipping business passing through a challenging phase, state-run Shipping Corporation of India believes it is not the right time to diversify by taking stake in shipbuilders, its chairman and managing director said.
State-run Shipping Corporation of India (SCI) has not got any directive from the central government, its largest shareholder, to stop acquisition of vessels, and in fact is planning to order 10 more vessels in the current fiscal year, a top official said.
Shipping Corporation of India (SCI) has been impacted due to a slowdown attributable to the global economic crisis, but it has the financial capacity to overcome the problem, Shipping Secretary K Mohandas said.
Shipping Corporation of India (SCI) has plunged 6% to Rs 78.35 on reports that the Shipping Ministry has raised red flag over the company's plans to acquire fresh vessels, stating the firm stands to lose around $200 million (approx Rs 990 crore) the
The Shipping Ministry has raised red flag over SCI plans to acquire fresh vessels, cautioning that the state-run firm could face an Air India-like situation as it could lose around $200 million (Rs 980 crore) from the proposed purchases.
State-run Shipping Corp of India is in the process of conducting due diligence to buy a 10-15% stake in an Indian shipbuilder, but the process could take time, its Chairman said on Wednesday.
Shipping Corporation of India (SCI) has plunged 6% at Rs 87.20, its lowest level since May 2009, after reporting a net loss in second consecutive quarter due to subdued shipping market, higher bunker cost and higher depreciation.
Shipping major Shipping Corporation of India posted a net loss of Rs 6 crore for the quarter ended June 30, 2011 as compared to a net profit of Rs 191.5 crore in the corresponding period a year ago.
Shipping Corporation of India is planning to sell two vessels – a 25-year-old bulk carrier and a 20-year-old single hull tanker – from its fleet of 79 ships this year.
Shipping Corporation of India (SCI) is witnessing pressure on its margins with rising bunker (fuel oil) rates. However, it is not in a position, due to low demand, to increase freight rates.
Decline in iron ore shipments on duty hike has not only impacted miners, but also left Shipping Corporation of India (SCI) worried about the prospect of its bulk segment which contributes nearly 70% to its turnover.
Shipping Corporation of India (SCI) is planning to place orders for 24 ships this financial year. The delivery for the 31 vessels the company had ordered two years ago will starting this year.
Shipping Corporation of India, India's largest shipping services firm, plans to raise $500-600 million through external commercial borrowings in FY12 to fund expansion, a top executive told reporters late on Monday.
The company had a net profit Rs 135.85 crore in the same period last fiscal, Shipping Corporation of India said in a filing with the Bombay Stock Exchange (BSE).
The Shipping Corporation of India (SCI) has signed contracts for acquisition of two resale Supramax bulk carriers with M/s Grand Yard Investments Ltd., China.
