Shipping Corporation of India Ltd Company History

The Company was Incorporated at Mumbai. The Company was formed on

2nd October 1961 when by virtue of the Shipping Corporation

Amalgamation Order, 1961, the Undertaking of the Western Shipping

Corporation Ltd., was merged into the Eastern Shipping Corporation

Ltd., which was renamed `The Shipping Corporation of India Ltd.' The

Corporation is an autonomous body working under the administrative

superintendent of the Govt. of India in the Ministry of Transport and

Communications.

The Company's objects is Corporation operates cargo passenger

cum-cargo and tanker services.

The entire capital is held by the Govt. of India.

4,49,844 shares issued to Govt. against acquisition of shares of

Jayanti Shipping Co. Ltd.

100 shares issued to Govt. without payment in cash.

The Company specifically acquired m.v. Ramanujam for service in the

Rameshwaram-Talai mannar service.

The Russian Federation was expected to designate Port of Novorossisk

for handling Indo-Russian Cargoes. The Rupee-Rouble inter-se

settlement reached advanced stage and was expected to give an impetus

to revival of Indo-Russian trade.

The Polish buyers did not purchase any Indian Oil Cakes during the

year on account of better availability of soyabean meal extraction from

South American countries.

The Indo-Czech trade was affected by the splitting up of

Czechoslovakia into Czech and Slovak Republic.

The Company continues to operate the passenger and cargo services

between mainland and Andaman - Nicobar islands.

1,31,811 passengers and 91,201 tonnes of general cargo and 18,383 CBM

tubes logs were transported between mainland and the islands.

The Company proposed for a joint venture with SCICI Ltd. and

Transport Corporation of India Ltd. for starting Ro-Ro service along

Indian Coast for carriage of trucks with general of bulk cargo.

The Company placed orders for 4 crude tankers of 1,40,000 DWT size

apart from securing 4 vessels (2 bulk carriers and 2 general cargo

vessels). These are part of the 8 vessels from a part of 79 vessels

planned for acquisition by the Company.

The Company undertook to acquire two double hull tankers in

replacements of existing old and aged single hull tanker.

68220 passengers and 10984 tonnes of cargo were transported between

mainland and islands.

The Company took delivery of one more handy bulk carrier viz.

m.v.Lok Pratap in June. With the sale of m.v.Harrai in June and

m.v.Lok Vivek in March 1994, total number of bulk carriers at the end

of the year stood at twenty eight.

The Company took delivery of two M.R.Product carriers of 45100 DWT

each from Hanjin shipyard, Korea.

Equity shares subdivided. 17689540 shares issued for consideration.

Other than cash 2366,63,430 No. of equity shares issued to Govt. of

India.

Five vessels were deployed carrying 1,14,693 passengers, 80,011

tonnes of general cargo and 6574 CBM tanker logs.

The Company took delivery of three newly built double hulled crude

oil tankers viz. m.t. Ankleshwar, mt. Gandhar, m.t. Maharaja Agarsen

from Korea and a second hand Japanese product/chemical tanker on 3rd

May 1995.

Orders were placed for construction of two bulk carriers of 42,750

DWT each with Hindustan Shipyard Ltd.

In Manland-Lakshdweep and Inter island shipping service, the company

has three passenger cum cargo ships, two inter-island ferries and two

cargo barger.

64530 passengers and 16,615 tonnes of cargo were carried.

The socio political conditions in the Talaimannar not being conducive

for recommencement of ferry between Talaimanna and Rameshwaram,

`Ramanujan' was diverted to inter-islands services in Andaman and

Nicobar sector. The Company has a fleet of 26 crude carriers including

2 VLCCS and OBOS apart from eight of product carriers.

During October, the Govt. further disinvested 38,64,600 shares

representing 1.37% of paid up capital of the company. Earlier,

5,22,45,900 shares ie., 18.51% and with this disinvestment, Govt.

holding in the Company was reduced to 80.12%. The remaining 19.88% is

held by Financial Institutions, banks, Mutual Funds, FIIS.

A Separate contract was entered into with M/s. ENRON and one World

Bank tanker viz. m.t. Netaji Subhash Bose was given on time charter.

The Company acquired one secondhand MR product tanker viz. m.t.

Bharatidasan.

Some of the new innovations/improvements in its new acquisitions are

One more crude tanker viz. mt. Guru Gobind Singh was acquired from

Korea. A secondhand multipurpose dry cargo vessel MV Vishva Karma was

acquired on 23rd July.

The Shipping Corporation of India (SCI) will soon enter into a joint

venture with a Singapore firm with a view to capturing the South

Eastern market. The joint venture company which will be known as bulk

transportation company will be floated in Singapore with a total

capital of 10 million Singapore dollars.

Shipping Corporation of India Ltd. has signed a MoU with the Union

surface transport ministry for the next financial year 1997-98.

The Shipping Corporation of India (SCI) has signed a contract with

Hyundai Heavy Industries Co. of South Korea for the construction and

delivery of one 29,999 dwt product carrier.

With the first ever "ship-to-ship transfer of crude oil at Saugar

Roads at Hooghly river successfully completed on September 11, the

country's leading shipping company, Shipping Corporation of India

(SCI), has achieved yet another milestone.

The Shipping Corporation of India (SCI) has signed contracts with

Hindustan Shipyard Ltd., Visakhapatnam for the construction and

delivery of two hanymax bulk carriers of 42,750 DWT each.

The Shipping Corporation of India (SCI) has entered into an agreement

with South Korea-based Halla Engineering & Heavy Industries for the

acquisition of two new Aframax crude oil tankers.

SCI has entered into an agreement with two companies for running

container feeder services between Chennai and Colombo and Mumbai and

the Persian Gulf.

SCI has signed an agreement with the Dubai-based Integrated Container

and Freight Services Ltd.

SCI entered into an agreement with Halla Engineering & Heavy

Industries during the last week of October this year for acquiring two

110,000 DWT (dead weight tonnage) Aframax crude oil tankers.

The Shipping Corporation of India (SCI) may establish a subsidiary

company to promote coastal shipping and also Inland water Transport

(IWT) activities as suggested by the Union surface transport secretary

Yogendra Narayan.

The ministry of surface transport (MoST) has given an in principle

consent to Rashtriya Chemicals and Fertilizers (RCF) to float a 50:50

joint venture shipping company with Shipping Corporation of India

(SCI).

SCI has also set up the first Global Maritime Distress Safety System

(GMDSS) laboratory in the country.

SCI intends entering into a joint venture with its foreign partner.

SCI and OCC had signed a Memorandum of Understanding (MoU) recently

as a precursor to renew the contract for the transportation of crude.

Shipping Corporation of India (SCI) has signed an agreement for

Enron's LNG Transportation project. The agreement signed in the office

of the surface transport ministry, was signed between Enron, Mitsui OSK

Lines and the Shipping Corporation of India.

The government has cleared the $200 million joint venture proposal

between the Shipping Corporation of India and Enron Power Corporation

and Mitsui Osk Lines for transporting Liquefied Natural Gas for the

Dabhol Power Company.

Indian Oil Corporation and Shipping Corporation of India Ltd. to

float a joint venture in equity collaboration with the Calcutta Port

Trust for light tonnage activities.

The country's largest ever oil tanker and the very first double hull

tanker will be handed over to the Shipping Corporation of India (SCI)

here on Wednesday.

RCF and SCI to set up a shipping line as a 50:50 joint venture to

transport urea from Oman to India.

SCI has entered into a joint venture with Enron Corporation of the US

and Mitsui Osk Lines of Japan to from the greenfield shipping company,

which will transport LNG from the Gulf for captive consumption at Enron

Dabhol thermal power plant in Maharashtra.

The Company has been awarded the star performer's award for achieving

the fatest transit time on the UK/North Continent-South Asia

(JNP/Mumbai) Route for the year 1999, sponsored by Lloyds of London

Press and the Port of London Authority.

The state-owned Shipping Corporation of India is considering a

proposal by consultancy major PricewaterhouseCoopers (PwC) to hive off

its three divisions bulk carrier and tanker, passenger and liner, and

technical and offshore services into three separate companies.

The state-owned Shipping Corporation of India has entered the

external commercial borrowings market to raise $115 million for funding

the acquisition of four Aframax crude oil tankers.

Shipping Corporation of India Ltd. has won the 1999 Lloyds Register's

Standard Ship Emergency Exercise Award.

The Shipping Corporation of India has tied up with Mitsui OSK Line,

Nippon Yusen Kaisha and K Line to bid for a tender floated by Petronet

LNG for transportation of liquefied natural gas (LNG).

The Company will consider the restructuring of SCI by way of a

three-way split as recommended by PricewaterhouseCoopers (Pwc),

enabling it to derive a better valuation than it currently does.

Mr P.K. Srivastava, Chairman, Shipping Corporation of India, has been

given a three months extension. His five-year term expired in July. Mr

Srivastava is likely to get another term as Chairman, according to SCI.

The government currently holds 80 % in SCIL. About 18 % is spread

among financial institutions and mutual funds. Floating stock in the

company is a miniscule one %. The plans for disinvestment.

During the year 2001, one Bulk Carrierr of 45792 DWT capacity was

inducted in the company's fleet and 14 vessels aggregating 512006 DWT

tonnage, which were techno-economically unviable were disposed of.

Thus, the overall fleet position remained 99 ships the end of the year.

SCIL and Japan-based Mitsui OSK Lines (Mitsui) won the $400 million

Petronet LNG contract to build and operate two LNG carriers. Encouraged

by the success of the mainline container services on the UK/Continent

route, SCIL is planning to place higher capacity vessels on the route.

The company is currently in the market in search of 2200/2300- TEU

capacity vessels for acquisition.

Government decided on strategic sale of 51% of SCI's equity and has fixed

Rs.800 cr of networth criterion to SCI.

SCI has collide with a 5 year loan contract worth 200cr with Bank of Baroda at an

interest rate of 8.75%to prepay part of the Rs 250cr debt government loan prior to

disinvestment.

Seamen's union of SCI decided to go on strike against government decision to

disinvest SCI at a cost of 3.5cr.

Mitsui O.S.K, a japan based company withdrew its expression of interest(EoI) to

acquire a controlling stake in SCI.

IOC ended the monopoly of SCI as its crude freighter with the invitation of maiden

bids from pvt players for chartering ships for coastal movement of crude oil.

'V-Ships' bid to acquire government stake in SCI has been disqualified since the

company could not satisfy the stipulation of minimum networth of Rs.800cr.

SCI payed all its debt of Rs.255cr to government before its disinvestment.

SCI records 82% dip in the net profit.

Petroleum Ministry has refused to grant nodal agency status to the corporation

for transporting crude.

A.K. Mohapatra has been appointed as part time director to the board.

SCI declares interim dividend of 30% for the financial year 03.

Shipping Corporation of India advises its crew members to take precautions

against SARS.

Cabinet committee on disinvestment decided to invite fresh expression of interest(EoI)

for disinvestment of 51%.

SCI informs BSE the change in the management structure, appointment of Shri.M.Ramachandran as the part time director to the board.

SCI has inked agreement with Hyundai Heavy Industries Company Ltd of South Korea

for building 2 very large crude carriers (VLCC).

Mr Susheel Kumar has been appointed as a part time official director on the Board of the Company.

Decides to pick up stake in a marine joint venture to be floated by the Oil & Natural Gas Corporation (ONGC)

The divestment of Shipping Corporation of India (SCI) has been postponed indefinitely though the government continues to be firm on its divestment policies.

New ship named 'Desh Shanti' inducted into SCI fleet on June 9, 2004.

Ministry supports SCI sale but wants govt to retain 75% stake

Shipping Corporation signs contracts Daewoo Shipbuilding, South Korea

Shipping Corp wins IOC crude transport bid

SCI to acquire Korean carriers for Rs 1000 cr

Shipping Corporation of India Ltd has informed that Shri N C Singhal, (Independent Director) has ceased to be the Director of the Company.

Shipping Corporation Of India Ltd. has informed that the M/s S. Bhandari & Company and M/s. Khandelwal Jain & Company have been appointed as statutory auditors of the Company for the year 2006-07 by the Comptroller & Auditor General of India (C & A G).

Shipping Corporation signs MoU with ONGC

SCI to tie up with Shapoorji Pallonji

SCI join hands with global players for US service

Shipping Corporation of India Ltd has appointed Shri. Nasser Munjee as non-official part-time Director on the Board of the Company in its meeting held on August 13, 2007.

Shipping Corporation of India Ltd has appointed Shri. J N Dasas Director (Liner & Passenger Services) of the Shipping Corporation of India Ltd., by the Government of India, Ministry of Shipping, Road Transport & Highways, and has taken over charge w.e.f. December 24, 2007.

Steel Authority of India Ltd (SAIL) has appointed Shri. B S Meena, Additional Secretary & Financial Adviser, Ministry of Steel as director on the Board of Directors of the Company.

The Company has issued Bonus Shares in the Ratio of 1:2.

SCI mulls three container ships acquisitions for $225 mn

Shipping Corporation - Delivery of 1 Medium Range Product Tanker Vessel - "m.t. Swarna Mala" of 51,196 DWT capacity.

Shipping Corp - Delivery of 1 LR-I size Product Tanker Vessel - m.t. Swarna Ganga

ShippingCorp - Entering Ship Building Contract for 4 Kamsarmax Bulk Carriers of about 80000 DWT each, with M/s. Jiangsu Eastern Heavy Industries Co., Ltd. on September 25, 2010.

ShippingCorp - Delivery of 1 Aframax Tanker - m.t. Desh Mahima

The Shipping Corporation of India (SCI) has signed a contract with Grand Yard Investments Ltd. china

the Company has signed a shipbuilding contract for acquisition of a newbuilding cellular container of 3500 TEU capacity

SCI has taken physical delivery of its Supramax Bulk Carrier - "m.v. Vishva Vikas" of 57127.8 DWT capacity.

The Shipping Corporation of India has taken physical delivery of its 2005 WT (2067 GT) Anchor Handling Towing-cum-Supply vessel of 120 Ton Bollard Pull Capacity.

The Shipping Corporation of India has taken physical delivery of its 1966 DWT (2039 GT) Anchor Handling Towing-cum-Supply vessel of 80 Ton Bollard Pull Capacity - "m.v SCI Mukta".

Shipping Corporation signed a Memorandum of Understanding (MOU) to cooperate for transportation LNG sourced by GAIL from USA.

SCI received the Best Tanker operator award - Gateway awrads

SCI has signed MOA with Greatship Global Offshore Services Pte Ltd, Singapore for acquisition of one secondhand Platform Supply Vessel.

Shipping Corporation takes delivery of secondhand Suezmax tanker.

SCI wins ‘Training Award’ at Lloyd’s List SAMEA Awards 2017.

SCI awarded 'Most Compassionate Employer of Indian seafarers'.Â

2021Â

The Shipping Corporation of India Ltd. (SCI) in collaboration with Inland Waterways Authority

of India (IWAI), supported by the Ministry of Ports, Shipping & Waterways scripted a new

chapter in the Indian Inland Waterways Transport sector.