Shipping Corporation of India to buy 35 ships

Government owned Shipping Corporation of India has said that they are planning to spend around $1.4 billion on acquisition of 35 vessels in 2006/07.

The company is now aiming on energy transportation for growth. They already own around 82 ships but most of them are bulk carriers and tankers.

SCI wants to now diversify into port operation and rail transport for further growth and expansion. Chairman and Managing Director S. Hajara said in a statement on their upcoming plans: “We would like to be virtually in all LNG (liquefied natural gas) projects in the country and offshore services segment.”

He added: “We will continue with our two joint venture in LNG transportation for now. But three-four years from now, we might enter LNG ourselves.” They might even consider buying second hand vessels to meet this target of acquiring 35 new ships.