IOC to Acquire 10 Crude Carriers from SCI JV

22 Sep 2025 CW Team

Indian Oil Corporation (IOC) is set to order 10 Aframax crude oil carriers from a joint venture with Shipping Corporation of India (SCI) and an Indian shipyard, in a move that aligns with the government’s push to strengthen domestic shipbuilding.

Sources said the decision follows earlier deliberations on whether to build or buy ships amid competition from cheaper Chinese-built vessels. IOC’s plan now focuses on acquiring ships indigenously to ensure energy security while generating employment.

The Aframax vessels, with a capacity of 80,000–120,000 deadweight tons, are expected to be built at Cochin Shipyard. Other state-run oil firms may follow IOC’s lead.

The announcement is likely during Prime Minister Narendra Modi’s launch of India’s global shipbuilding initiative in Gujarat’s Bhavnagar. Alongside the deal, the government may unveil a revamped Ship Building Financial Assistance (SBFA) scheme and a Rs 25,000 crore Maritime Development Fund.

Real Estate

07 Aug 2026

BXB Estates Sets AED 110 Million Jumeirah Golf Estates Record

BXB Estates has completed an AED 110 million residential transaction at Jumeirah Golf Estates, setting a new sales record for the prestigious Dubai residential community.Negotiated by Alfie Tabrez, Managing Partner of BXB Estates, the deal surpassed the previous record of AED 58 million for a completed ready villa in the development.The six-bedroom residence offers 21,714 sq ft of built-up space on a 15,873-sq-ft plot. It features nine bathrooms, four living lounges, a home office, bar lounge, private cinema and rooftop terrace.The property also includes a dedicated wellness area comprising a ..

SECR Floats Rs 6,019 Mn EPC Tender For Paradol Nagpur Link

South East Central Railway (SECR) has invited bids for an Engineering, Procurement and Construction (EPC) contract to build a new broad gauge single line between Paradol Takeoff Point and Nagpur Road Station in Chhattisgarh. The contract carries an estimated cost of Rs 6,019.0 mn and requires an earnest money deposit of Rs 120.4 mn. The work is framed as an EPC assignment intended to strengthen regional rail infrastructure. The tender, issued under number CAO-C-BSP-26-27-15, specifies a completion period of 730 days and a bid validity of 180 days. Two pre-bid meetings are scheduled for 24 Augu..

Indian Railways Reports Nine Per Cent Rise In July Freight Loading

Indian Railways handled 141.3 million tonnes (141.3 mn t) of freight in July, marking a rise of nine per cent year on year. Freight loading maintained a positive trajectory across the network compared with the same month last year. Passenger traffic also increased in July, contributing to higher overall network utilisation. The July outcome continued a pattern of steady monthly gains, reflecting gradual improvement in industrial and logistics activity. The growth in freight volumes reflected stronger demand across multiple sectors and improvements in logistics and train turnarounds. Enhanced r..