The Shipping Corporation of India owns 82 vessels and has placed orders for acquisition of 25 vessels as part of replacement of the existing vessels due for phasing out after completion of their economic life and also to augment the fleet of SCI.

With the acquisition of 25 vessels on order and phasing out of vessels, the SCI’s fleet strength is expected to increase to 86 vessels with a DWT of 7.12 million tonnes from the current level of 82 vessels with a DWT of 5.81 million tonnes. All the SCI’s vessels are optimally utilized.

SCI has not posted losses in the past although the profitability of SCI during the current financial year for the period from April, 2011 to September, 2011 has been impacted with a loss of INR 140.63 crores. The shipping industry is in a recessionary phase and the freight rates are the lowest in all segments currently which has affected the financial performance of SCI in 2011-12. The brief financials of SCI for the last two years are as follows:-

(In INR crores)