State-owned Shipping Corporation of India (SCI) plans to acquire three new container ships in the new year, and has set aside $200-225 million to fund these purchases, a top company official said.
“SCI plans to purchase three new container vessels, along with its existing joint-venture partner Mediterranean Shipping Company (MSC). These will be executed after securing the necessary board approval,” a senior SCI official said.
At present, Shipping Corporation has a total fleet strength of 76, which includes 5 container vessels.
Taking into account a visible pick-up in the trade volumes in the recent past, the shipping major had decided to strengthen its fleet strength, the official said.
“We have seen a significant pick-up in volumes in the recent past, on account of the recovery in the domestic and global markets. The volumes are expected to pick up further in the months ahead,” the official said.
Reflecting the recovery and the corresponding revival in the export trades from Europe to Asia, shipments on the Europe-Asia trade route have increased by 12.57 per cent in October to 464,689 Twenty-foot equivalent units (TEU), from last year’s 413,249 TEUs.