SCI to acquire 12 vessels worth Rs 3,193 crore

New Delhi, July 20 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today permitted Shipping Corporation of India (SCI) to acquire 12 vessels worth Rs 3,193 crore.

This will enable SCI's tonnage to meet the increased demand for crude oil transportation and reduce dependence on foreign flag vessels.

The induction of vessels will also result in net foreign exchange savings for the country, an official spokesperson said.

SCI will be allowed to avail external financing upto 80 per cent of the contract price. The loan will be sourced either from domestic or international market.

In case the SCI resorts to funding from external commercial borrowing, it will seek further approval from the government. The balance 20 per cent of contract price will be paid from SCI's internal resources.

The fleet will include: four aframax tankers of 1.1 lakh dead weight tonnage each, two large range two size product tankers of 95,000 DWT each, four panamax bulk carriers of 75,000 DWT each and two cellular container vessels of 5,000 TEU (20 equivalent unit) capacity each.

UNI