Mumbai: The dissolution announced last week of joint venture Irano Hind Shipping will see all seven ships of the fleet go to Shipping Corporation of India. The venture with Islamic Republic of Iran Shipping Lines (IRISL) was cancelled on April 2 as western sanctions against Iran made operations too difficult.
"SCI will get seven ships which will be registered under the Indian flag once the handover takes place,” a Shipping Ministry official told local media in Mumbai. SCI will take the liability of repaying the jv’s $88m in loans. The seven ships total 660,000 dwt. [10/04/13]
