SCI Gets Nod to Sell Crude Oil Tanker Duo

Illustration; Image Courtesy: SCI

The Shipping Corporation of India Ltd (SCI) is looking to sell two of its crude oil tankers as it received an approval for the transaction from its Board of Directors during the quarter ended September 30.

Namely, the company plans to sell the 92,700 dwt Abul Kalam Azad and the 45,134 dwt Bankim Chandra Chatterjee.

The tankers were built in 1999 and 1994, respectively. According to data provided by VesselsValue, Abul Kalam Azad has a current market value of USD 7 million, while the Bankim Chandra Chatterjee’s market value stands at USD 3.2 million.

During the second quarter the company made other changes in its fleet. SCI sold a container carrier, the 28,948 dwt Rajiv Gandhi, and took delivery of a 2001-built second-hand very large gas carrier (VLGC), the largest in its gas carrier fleet. The 82,488 cbm ship BW Vision, which was previously owned by Singapore’s BW LPG, was renamed to Nanda Devi.

The company unveiled the developments as part of its second quarter financial report in which it said that its net loss for the three months ended September 30 widened to INR 761.8 million (USD 11.7 million), compared to a net loss of INR 177.7 million (USD 2.7 million) seen in the same quarter a year earlier.

SCI’s total income for the period increased to INR 8.25 billion, from INR 8 billion reported in the second quarter in 2016. Similarly, revenue for the three months ended September 2017 reached INR 8.08 billion, up from INR 7.6 billion seen a year earlier.

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