SCI to raise US $300 million ECB to fund fleet expansion:Hazara

Kolkata, Jul 24 (UNI) Public sector shipping major Shipping Corporation of India will raise US $ 300 million through External Commercial Borrowing (ECB) to fund its fleet expansion plans.

Speaking to mediapersons here today, SCI chairman S C Hazara said the Union government has approved a major fleet expansion plan of Shipping Corporation of India (SCI)'s plans to acquire 12 vessels at a cost of Rs 3,193 crore.

He said SCI would acquire four Aframax Tankers of about 1,10,000 dead weight tonnage (DWT) each, two large Range-II product tankers of about 95,000 DWT each, four Panamax Bulk Carriers of about 75,000 DWT each and two cellular container vessels of about 5,000 TEU each (twenty equivalent units).

According to the Centre's approval SCI would be allowed to avail external financing of up to 80 per cent of contract price of each vessel.

Post fleet acquisition, Mr Hazara said, SCI would be able to meet the increased demand for crude oil transportation in the coming years.

SCI would soon sign MoU in two weeks for buying six vessels.

UNI