SCI to place orders for ten ships

Shipping Corporation of India (SCI) said it will place orders for 10 ships in this financial year. Last year, the company had postponed the purchase of eight new vessels owing to global economic slowdown.

SCI had laid out a capital expenditure plan of $4 billion to purchase 79 vessels in the eleventh five year plan. So far, it has placed orders for 39 ships. The company has not decided how much it will spend on the purchase of the ten ships since the cost of newbuildings is expected to come down