SCI: Putting Expansion on Hold
As the world economy sputters, so too do the expansion plans for India's state-owned Shipping Corporation of India (SCI), which according to a report on the www.business-standard.com will hold up on its plan to issue new tenders for new vessels. The company is already taking delivery of about 10 vessels this year, mostly bulk carriers, though there is overcapacity in the market. SCI, though, will go ahead with one domestic tender for purchasing six tanker handlers. The Mumbai-headquartered company has a target of ordering 62 vessels by next year under the national maritime development programme. Of these, SCI has already ordered 39 with $2 billion investment, with fresh acquisitions on hold, the company is expected to fall short of the target by 15 vessels.