State-owned Shipping Corporation of India (SCI) plans to acquire three new container vessels in 2010, and has set aside Rs900-1,000 crore ($200-225 million) to fund these purchases, agency reports said.
"SCI plans to purchase three new container vessels along with its joint venture partner Mediterranean Shipping Company (MSC)," the report quoted an unnamed company official as saying. "These purchases will be executed after securing the necessary board approval," he added.
At present, SCI has a total fleet strength of 76, which includes five container vessels. Taking into account a visible pick-up in the trade volumes in the recent past, the shipping major has decided to strengthen its fleet, the official said.
"We have seen a significant pick-up in volumes in the recent past, on account of the recovery in the domestic and global markets. The volumes are expected to pick up further in the months ahead," he said.