Cabinet approves acquisition of 4 Panamax Bulk Carriers by the SCI

New Delhi, Jul 24 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today accorded approval to the Shipping Corporation of India (SCI)for acquiring four Panamax Bulk Carriers of about 80,000 DWT each at a price of 59.55 million US dollar per vessel.

The SCI would avail off External Borrowing (EBR) upto 80 per cent of the contract price of each vessel from Banks/Financial Institutions either from the international market or the domestic market.

SCI will pay the balance amount of 20 per cent from its internal resources, the CCEA added.

The acquisition of vessels would provide replacement for SCI's already scrapped Panamax bulk carrier and would augment SCI's ageing bulk carrier fleet.

The acquisition of proposed vessels would augment the Indian dry bulk carrier tonnage as also the share of Indian Lines in India's overseas trade and the employment of Indian flag vessels for the trade would result in net foreign exchange savings of the country.

UNI BBS AKJ KN1524