• ‘Navratna’ status was conferred by the Government on August 1, 2008. This status gives SCI enhanced autonomy.
• SCI continues to have the highest corporate rating Ir AAA (as given by ICRA).
• Bonus Shares of 1 equity share for every 2 equity shares held was allotted on November 3, 2008. With this, the equity share capital is enhanced from Rs.282.30 crores to Rs. 423.45 crores.
• Net Profit after tax for 2008-09 Rs.940.67 crores up by 15.58%
• Total Income for 2008-09 is Rs.4561.83 Crores up by 11.69%
• Profit from Operations (before other income & interest & exceptional items) for 2008-09 is Rs. 763.15 Crores up by 25.51%.
• Earning Rs. 22.21 on a face value of Rs. 10/- per share.
• Dividend of 65% proposed for the year 2008-09 (subject to approval of AGM)
TONNAGE ACQUISITION –
· Three vessels were added to the fleet. Two 4400 TEUs container ships named SCI Chennai and SCI Mumbai were delivered to SCI on 22.10.2008 and 28.10.2008. One VLCC of 319000 dwt named Desh Viraat was delivered to SCI on 29.10.2008. This VLCC is the largest in the Indian Registry.
· One more VLCC – Desh Vishaal will be delivered to SCI on 25.06.2009, taking the total VLCC fleet in the company to 4 nos.
· One crude tanker (26 year old) and one bulk carrier (23 year old) were scrapped during 2008-09. In addition two more vessels – one bulk carrier (20 years old) and one crude tanker (25 years old) were sold in May & June 2009.
· With the addition and disposal of the above tonnage, the total owned fleet of SCI currently stands at 78 vessels of 5.03 million DWT. In addition SCI also manages 58 ships for various government and other organizations.
• SCI has placed orders for building four nos. Panamax bulk carriers of 80655 DWT each with M/s STX (Dalian) Shipbuilding Company limited on 13.08.2008 with an expected delivery in the year 2012 and also for building two nos 120 ton bollard pull Anchor Handling Towage Supply Vessel with M/s Cochin Shipyard Limited with an expected delivery in the year 2011.
• With the above orders the total vessels on order will be 31 adding up to 2.19 million dwt
• SCI continued to have CoA arrangement with HPCL and BPCL for transportation of imported crude oil of 11 mmt pa and 6 mmt pa respectively for the period from 01.04.2008 till 31.03.2009. This CoA arrangement has been extended till 30.09.2009.
• In addition IOC has also taken 8 of our product tankers for transportation of products on the coast for a period of one year from 01.04.2009.
• On taking over the management of 2 LNG vessels which is owned by a joint venture of SCI and three leading Japanese shipping companies, SCI becomes the only Indian shipping line to have the expertise of managing LNG ships. These LNG ships transport LNG from Qatar to the Dahej terminal of Petronet.
• SCI commenced a new Red Sea container service in consortium with Hull & Hatch (H&H) Lines Ltd. on 01.02.2009. The service is operated with 2 vessels, a 1100 TEU vessel deployed by H&H and a 1700 TEU vessel by SCI, on a round voyage schedule of 24 days with a 12 days frequency connecting India’s west coast to several ports in the Red Sea region and East African countries. This is the only service making direct calls to Red Sea ports.
• SCI commenced a joint container feeder service between Kolkata / Haldia and Colombo on 01.02.2009 with M/s MAXICON Shipping Agency (Vizag) to serve various trade lanes between these ports.
• SCI continues to handle Operation and Maintenance of ONGC’s 16 OSVs and 5 Specialised Vessels. SCI’s 10 OSVs continue to be on charter with ONGC. These vessels have been upgraded by fitting them with Dynamic Positioning system and fresh water generators.
• The project of establishing, implementing and maintaining Integrated Management System(IMS) has been successfully completed and Certificates of Conformance to both these standards have been received on 21/04/08. This IMS comprises of Environmental Management System and Occupational Health & Safety Management System to meet the requirements of the International Standards ISO 14001:2004 and OHSAS 18001:1999. It also includes the Key Performance Indicator of OCIMF-TMSA 2004 as well as the requirements of Director General of Shipping document “Shipboard Occupational Health & Safety Programme” (SOHSP) for the complete tanker fleet (including Oil, Gas & Chemical).
• The implementation of Integrated Information System is in progress and the new IT system is expected to go live in January 2010.
MARITIME TRAINING –
· SCI is committed to providing and enhancing maritime training. The Maritime Training Institute at Powai, Mumbai has conducted 315 Courses for 7605 participants and the total man-days trained during this year is 76710.
· Maritime Training Institute has been granted by D.G. Shipping additional slots of 40 cadets per year for training of Nautical cadets. Accordingly, 120 cadets were admitted at MTI on 1st August 2008.
· Government of India has passed a bill for setting up Indian Maritime University at Chennai and the University has notified that all Marine related training Institutes will have to be affiliated to this University. Accordingly, MTI has applied for affiliation to this new University for the 1 year DGS approved Nautical Science Course which was being run under IGNOU-DGS MOU.
CORPORATE GOVERNANCE –
· During the year, SCI has taken a leap forward towards ensuring further transparency, equity and competitiveness in public procurements by adopting the Integrity Pact Programme for major public procurement in SCI above the threshold value of Rs. One Crore. The Integrity Pact (IP) was designed and launched by Transparency International in the 1990s with the primary objective of safe-guarding public procurement from corruption. Central Vigilance Commission (CVC) has issued a circular on 4.12.2007 recommending adoption of Integrity Pact in major Government Procurement Activities. To support effective implementation of Integrity Pact Programme in SCI, SCI had signed a Memorandum of Understanding (MOU) with Transparency International India (TII) on 26.3.2009.