SCI to focus on Make in India, says Chairman

Shipping_Corporation_of_India_Logo.svgSupplementing Prime Minister Narendra Modi’s campaign of Make in India, the Shipping Corporation of India (SCI) is likely to order three Anchor Handling Tug Supply Vessels (AHTSVs) with M/s Cochin Shipyard Ltd, according to SCI Chairman & Managing Director A K Gupta.

“In our zest for a long-term strategy planning, a Vision 2030 document is being prepared… (Apart from stress on Make in India) we are also committed to make our ‘Maritime Training Institute’ a centre of Maritime Skill Development. In this endeavor, the first batch of Graduate Marine Engineers successfully completed their training in July 2015,” CMD Gupta said at the 65th annual general meeting (AGM) held recently.

With economic slowdown hitting the maritime business hard under the reeling conditions in China, a realistic view was taken by the CMD, who told the shareholders that ‘we do not think that the June-end quarter performance will be sustainable in this quarter’.

The sector that is untouched by global lull in cargo and freight is that of crude oil storage. The demand remained strong in the quarter ending June 2015, as a result of which the tanker freight rates remained firm, and SCI with a strong fleet of 35 tankers (including five VLCCs) could post handsome profit of Rs 163.54 crore in the first quarter.