SCI to buy 35 ships

Government owned Shipping Corporation of India (SCI)is planning to spend around $1.4 billion on acquisition of 35 vessels in 2006/07. The company, which already owns around 82 ships mostly bulkers and tankers, is now aiming on energy transportation for growth and reaffirms its intention to break into LNG shipping.

SCI will continue with its two joint ventures in LNG transportation for now, it has a 29.08 % stake in each of the two joint ventures for LNG transportation, but might go it alone in three to four years time. The company may also consider buying second hand vessels to meet its target of acquiring 35 new ships.