The Shipping Corporation of India (SCI) has signed a Memorandum of Understanding with the Ministry of Shipping for the 2016-17 financial year, which includes demanding targets and ambitious growth plans.
Capital expenditure plans include the acquisition of a number of second hand vessels. It has also been revealed that SCI has been entrusted with the management of the Oil and Natural Gas Corporation (ONGC)’s two mobile offshore drilling units, Sagar Vijay and Sagar Bhutan, for a period of six years.
The focus of SCI in the coming year will be largely on the coastal trade in crude oil and coal, while it has also restructured its coastal and near coastal container shipping services, together with Shreyas Shipping, to connect the East and West Coast of India with the Middle East Gulf. SCI has furthermore restarted services to Myanmar, and is also looking to target the movement of project cargoes for the defence and power generation sectors.