A net loss of Rs 123.63 crore has been reported by the Shipping Corporation of India (SCI) for the quarter ended September, the company said in a filing to the Bombay Stock Exchange. The loss was mainly due to the high depreciation and interest costs.
Tag: Shipping Corporation of India
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SCI to sell supertanker to retain Navratna tag
To reverse its two straight full-year losses and retain its coveted navratna tag, government-owned Shipping Corporation of India (SCI) has put up one of its four oil supertankers for sale.
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Govt leaves several ports without heads
Several major posts and projects in the country have been doing with temporary chairmen for months and this has resulted in lack of proper leadership to the sector. From Shipping Corporation of India (SCI) to Jawaharlal Nehru and Vizag ports, all have been doing with temporary chairmen for months. It has resulted in poor cargo growth.
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SCI to exit JV with Shapoorji Pallonji group
After its continuous losses, State-owned Shipping Corporation of India (SCI) has decided to exit its chemical carrier joint venture with Shapoorji Pallonji Group. The exit is part of a plan to trim losses at IndiaÂ’s biggest ocean carrier, which faces the prospects of losing its so-called navaratna tag if it posts losses in the year to March 2014, which would be its third in a row.
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SCI waits for recovery of economy to buy vessels
Till the global economy shows signs of recovery, Shipping Corporation of India (SCI) has no plans to order for new vessels. SCI is IndiaÂ’s national ocean carrier. Not just SCI all shipyards in India were facing the heat of slowdown in the shipping industry.
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Crude oil-tanker vessel Desh Shanti reaches Vizag
India's crude oil-laden oil tanker vessel MT Desh Shanti reached Vizag Port Trust (VPT) in the early hours of September 18. The oil tanker of the Shipping Corporation of India (SCI) was detained by the Iranian authorities for almost 26 days and now finally reached the VPT in the eastern coast of India.
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Depreciation of Rupee hits port development: Vasan
The Union Shipping Minister GK Vasan recently said that the falling value of rupee will stroÂngly affect port development works in the country and its shipping industry. The present economic crisis in India has affected employment opportunities of even cadÂets trained at the Shipping Corporation of India (SCI)-run Maritime Training Institute (MTI), the Minister added.
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SCI raises rates for container cargoes
Effective September 1, state-run Shipping Corporation of India (SCI) raised container freight rates on different trade routes including the Europe, Mediterranean, Black Sea and Red Sea. SCI hiked rates considering rise in the fuel costs, insurance premiums and port handling charges. It may be noted that the company, which is suffering operational loss
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Container freight rates to be hikded
The container freight rates on the India-Europe sector will be increased by $300 for 20-feet containers from September 1, said the Shipping Corporation of India on August 26.
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GMB issues alert on container slippage
The Vessel Traffic Management System (VTMS) in Gulf of Kutch issued alerts as about 17 containers slipped from MV Rajeev Gandhi, a vessel container of Shipping Corporation of India (SCI), off Okha West coast on June 27 when the vessel was on the way to Mundra port. Information from Gujarat Maritime Board (GMB) reveals that 16 containers onboard the vessel were empty, while one contains high density polyethylene (HDP