SCI to Sign Shipbuilding Deals for $500m

Shipping Corporation of India (SCI) is reportedly planning to place a $502.9 million contract with Korean shipbuilding yards, according to a report from the Business Standard. SCI has already signed contracts with South Korean yard STX Shipbuilding for building six new long range-I size product tankers for $371 million. SCI is likely to place orders with Korean shipbuilding yard Hyudai Heavy Industries for two container vessels of about 4,300 TEU capacity each, at a price of $65.95 million per vessel, sources said. The contract for container vessels is expected to be signed within two weeks, and the vessels would be delivered by the end of 2008. These vessels will be deployed on SCI`s India-UK service, sources added. The company is also planning to conclude acquisitions of more tanker vessels by the next quarter and the corporation is also exploring opportunities at shipyards other than Korea, sources added. The six tankers, ordered at STX, would join SCI`s fleet from first half of 2010. The product tankers would have design deadweight of about 60,000 tons at the design draft of 12.5 m. The tankers would be built to the latest and most stringent international regulations and would be classed with the LR and IRS classification societies. (Source: www.myiris.com)