Shipping Corporation to Acquire 30 Vessels by FY 12.

Mumbai,  (PTI) As part of its ambitious expansion plan, the Shipping Corporation of India (SCI) will add 62 vessels in the 11th Five Year Plan, said a top company official here today.

"We have plans to acquire 62 vessels in 11th Five Year Plan. We have already ordered 32 vessels and will place orders for 30 more vessels by end of March 2012," SCI Chairman and Managing Director S Hajara told reporters here.

The ships being acquired by SCI would be predominantly used for catering to Indian import/export shipments.

The additional vessels the company has ordered are expected to allow it to increase its total Deadweight Tonnage (DWT) from 5.11 million to 6.84 million. DWT is the total weight of the ship, including the cargo, crew and fuel.

SCI plans to take its capacity to 10 million DWT by acquiring vessels in the next six-year''s period, Hajara said.

Our objective is to maintain our dominant market position in the Indian shipping industry with a focus on high growth segments, Hajara said.

The new vessels will lower the average age of our fleet, and we believe, thereby reduce our operating costs, the MD said.

Source : news.in.msn.com