SCI orders bulker quartet from STX

The state-run Shipping Corp. of India Ltd (SCI) is set to buy four 82,000 dwt Kamsarmax-type dry bulk cargo carriers from South Korea?s STX Shipbuilding Co. Ltd for $239.80 million. STX emerged the lowest bidder in a global tender called by SCI with a quoted a price of $59.95 million for each ship, while the only other bidder, SPP Shipbuilding, also of South Korea, quoted $61.38 million per vessel.

STX has been declared as the lowest bidder and a formal agreement will be signed after SCI gets board approval and clearance from the Union cabinet committee on economic affairs. The Mumbai-based firm has to date ordered 28 new ships worth more than $1.64 billion at various yards worldwide to replace some of its ageing fleet that have to be decommissioned in line with IMO maritime regulations.

For STX, this will be the second order in recent months from SCI, which had, in December, placed orders for six new Handymax carriers for $269.4 million. STX is also building another six 73,000 dwt product tankers for SCI.

SCI, in which the Indian government owns 80.12% stake, also plans to acquire four 175,000 dwt Capesize vessels and recently floated a global tender for them.