SCI to buy LPG vessels

The Shipping Corporation of India (SCI), which is returning to profits after three consecutive years of losses, is reviving its ship acquisition plans, though in a small way. It is planning to buy one or two LPG ships, besides placing orders for some smaller offshore vessels this year, at a cost of Rs 800 crore, which will be its first vessel acquisition in over three years. India´s largest ship owner had to shelve its buying plans all these years due to financial losses, tepid freight market and high asset prices. Its losses for the last three fiscals were Rs 275 crore, Rs 114 crore, Rs 428 crore respectively.