Consultative Committee of Ministry of Shipping Meets Performanace of SCI Discussed
The Shipping Corporation of India (SCI) under the Ministry of Shipping aims at increasing the share of Indian shipping lines in India’s seaborne trade. In this pursuit the SCI has identified acquisition of 110 vessels of about 5.21million GT for the period 2010-2020 at a total cost of Rs. 27,668 crores which will take SCI‟s total tonnage to about 7 million GT by 2020. As per the Maritime Agenda 2010-2020, SCI will aim to achieve 13 million GT by 2020. By the year 2020, SCI plans to acquire 25 crude oil tankers of about 2.50 million GT. This was stated by the Minister of Shipping, Shri G.K. Vasan while addressing the Members of the Parliamentary Consultative Committee attached to his Ministry, here today.
The Minister said, during the 11th five year Plan the SCI had planned to acquire 62 vessels. Till date SCI has been able to order 35 vessels and has acquired 1 resale vessel (total 36 vessels) and would endeavour to order the balance 26 vessels by March 2012. Some of the acquisition proposals for these 26 balance vessels are already under process.
Shri Vasan said, in the Dry Bulk sector, to match the increase in import of Coal to cater to the growth of coal fuelled power generation, SCI plans to acquire 30 vessels of about 1.40 million GT by the year 2020. In the container segment SCI plans to enter new sectors like the Mediterranean region to tap its major growth potential. Accordingly, SCI plans to acquire 15 container vessels of about 720,000 GT by the year 2020, he added.
Referring to the offshore Services Sector the Minister said, SCI plans to make further inroads by acquiring 23 offshore vessels of different capacities. In the LPG and Chemical transportation segment, SCI plans to acquire 2 LPG carriers of 60,000 GT and 4 Chemical tankers of 90,000 million GT.
Explaining the financial implication Shri Vasan said that the total investment required for SCI‟s vessel acquisition Plan during the period 2010-2020 is estimated to be Rs. 27,668.40 crore. SCI would be raising finances for all the vessel acquisition projects through a mix of debt and equity.
About disinvestment the Minister said, last year, SCI divested ten per cent of its equity and issued ten per cent fresh equity through a follow-on public offering. SCI has been able to raise Rs. 1165 crore through this public issue, which was oversubscribed about 5 times.
Some of the Members wanted to know whether any ship of SCI was involved in the Somali piracy case. The CMD of SCI informed the Members that although no SCI ship was hijacked but on certain occasions they were attacked but came out unharmed with the help of armed escort. Members expressed great concern about piracy incidents in high seas. Members also suggested to look into the viability of opening floating university and operating passenger liners between various destinations. To which the CMD responded by saying that SCI was not contemplating to foray into the passenger segment. The concept of floating university would be too expensive, he added.
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