SCI to acquire six Handymax bulk carriers for $269.40 million

01 December 2007

New Delhi: The Cabinet Committee on Economic Affairs has approved the decision of the Shipping Corporation of India (SCI) to acquire six Handymax Bulk Carriers, of about 57,000 Dead Weight Tonnage (DWT) each, at a price of $44.90 million (Rs179.60 crore) per vessel. Accordingly the total investments to be made for the six vessels would be $269.40 million (Rs.1077.60 crore).

SCI has said that it would avail of external borrowings for up to 80% of the contract price of each vessel from Banks/financial institutions, either from the international market or the domestic markets, and the balance from its own internal resources.

The vessels would partly replace the ageing Handymax fleet of the company, which will become due for scrapping in the near future.