Shipping Corp overcomes divestment woes, eyes Rs 20 bn ship purchase

15 Jan 2024 CW Team

The State-run Shipping Corporation of India (SCI) is reportedly taking measures to acquire five ships, all second-hand and of various types, involving an investment of approximately Rs 20 billion. This suggests that the 'unofficial' halt on ship acquisitions, attributed to the ongoing privatisation process, has been lifted, as per information from multiple sources.

According to a government official, one source among them, the board of the national carrier has granted "in-principle" approval for the purchase of these ships by 31 March. The proposed acquisitions include a very large gas carrier (VLGC), a medium-range tanker (MR Tanker), a container ship with a capacity exceeding 9,000 twenty-foot equivalent units (TEUs), a platform supply vessel (PSV), and an anchor handling, towing, and supply vessel (AHTSV).

It was informed that Shipping Corporation of India last expanded its fleet in FY2017 when it acquired four vessels, namely two platform supply vessels, one VLGC, and one Suezmax tanker, all second-hand.

In December 2020, the government's asset sale department, the Department of Investment and Public Asset Management (DIPAM), initiated the privatisation process for Shipping Corporation of India, a 'navratna' public sector undertaking, intending to sell the government's 63.75 percent stake to a strategic buyer. However, the sale process has yet to reach a conclusion.

SCI, India's largest shipping company in terms of fleet size, is the only shipping company in the country that owns very large crude carriers or so-called oil super tankers, with five VLCCs in its fleet.

The carrier has refrained from acquiring new ships for over six years, resulting in a "depletion" of its fleet as older ships are sent to scrap yards. In contrast, private competitors have consistently expanded their fleets through periodic second-hand purchases.

Presently, SCI operates a fleet of 59 ships of various types, with one product tanker slated for scrapping.

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