SCI to buy four boxships

Shipping Corporation of India (SCI) is planning to invest $280 million in acquiring four container vessels to cater for the rapidly-expanding European and American markets.

Two vessels, of 4,400 TEUs each, will be delivered by 2008-end and the other two, of a capacity of 5,000 TEUs each, will be delivered by the end of 2010. Hyundai Samho Heavy Industries of South Korea is building the two 4,400 TEU vessels while the larger vessels will also be built in a foreign shipyard, the order for which is yet to be processed.

The larger capacity vessels will be used for plying between India and America, the 4,400 TEU capacity vessels will be used for the India-Europe container trade. SCI is the only Indian shipping company to operate on long-haul distances and currently owns three container ships and charters six others.