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Speaking at the company’s recent AGM, the chairman and managing director of the Shipping Corporation of India, Captain Anoop Kumar Sharma, said, “With strong fundamentals, we are all geared up to take advantages of new market opportunities and weather out tough times and adverse market conditions.”
The company reported a consolidated net profit of Rs. 389.4 crores (US$ 62.3 million) for the last financial year, up from Rs. 200.93 crores (US$ 32.14 million) for the year ended 31st March 2015.
The chairman also revealed that, after a gap caused by international sanctions, SCI has resumed shipments of crude oil from Iran. The company’s Suezmax tanker, Ankleshwar, recently loaded oil from Kharg Island for discharging at Visakhapatnam. Captain Sharma said that the dry bulk market was of serious concern, while the container segment has seen the “worst of all times.”
On the ship acquisition front, after a gap of almost four years, SCI is planning to make some capital expenditures in 2016-17. The chairman added, “We are in various stages of discussions and are very hopeful to expand our fleet to take advantage of the secondhand market.”
Capt. Anoop Kumar Sharma assumed the post of chairman and managing director of SCI on 12th September this year. He has served the shipping industry for over 34 years having first joined SCI in 1982. From 2008 he also served as chief executive of Essar Shipping, becoming managing director in November 2015.
