Shipping Corporation of India (SCI) today said it will place orders for 10 ships in this financial year.
"We will place orders for 10 ships in this financial year," SCI Chairman and Managing Director SC Hajara told reporters here.
Last year, the company had postponed the purchase of eight new vessels owing to global economic slowdown, which had impacted the shipping industry globally.
SCI had laid out a capex plan of $4 billion to purchase 79 vessels in the eleventh five year plan. So far, it has placed orders for 39 ships.
The company has not decided how much it will spend on purchase of the ten ships. Cost of ships are expected to come down because of slowdown of global economy and trade volumes.
The global economic crisis has impacted the tanker, bulk carrier and container segments in India.
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Charter prices of bulk carriers have fallen by 95 per cent because China has stopped importing iron ore. "China was a major importer of iron ore. Now it has stopped importing over a dispute," Hajara said.
Bulk carrier owners are barely recovering the cost and the container segment has seen prices crashing between 40-60 per cent, he said.