Shipping Corporation of India Receives New Kamsarmax Bulk Carrier

The Shipping Corporation of India Ltd. (SCI) accepted delivery of a Kamsarmax Bulk carrier, m.v. “Vishva Jyoti”, on December 18, 2012.

The vessel is the first of a series of four Kamsarmax bulk carriers ordered by SCI with Jiangsu Eastern Heavy Industries Co. Ltd., China. Orders for these vessels were placed in September 2010. The remaining three vessels would be delivered to SCI during 2013 in a phased manner. Informatively, during second half of 2012, SCI had accepted delivery of 4 Panamax bulk carriers from STX Shipyard in China. SCI had been predominantly operating smaller sized Handymax and Handysize bulk carriers in the past. With delivery of these larger Panamax/Kamsarmax bulk carriers having higher cargo carrying capacity, SCI would be increasing its exposure in India’s import and export of Dry bulk cargoes. The vessels are suited for worldwide trading and can be alternatively deployed in cross trades depending on the opportunities available.

MV “Vishva Jyoti” has a gross tonnage of 44,864 tonnes and deadweight of 81,894 tonnes. The vessel is dually classed with BV and IRS and has been built to comply with the latest and most stringent international regulations.

India is one of the growth drivers for the world economy recording impressive GDP growth compared to the developed economies. Industrial and infrastructural development plays a major role to sustain this growth. As a National carrier, SCI has been aiming to increase its presence in India’s ever increasing dry bulk trade and strengthening the bulk carrier fleet would help SCI contribute to this growth.

With the addition of this vessel, SCI’s fleet strength stands at 82 vessels of 5.94 million dwt. Acquisition of this vessel is in line with SCI’s strategy of maintaining a modern and young fleet of vessels. The Company has 17 vessels on order at present.

SCI, December 24, 2012

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