Shipping Corporation of India (SCI), the state-run line, has a very limited outlay for new vessels for fiscal 2017, and has no intention of resurrecting a joint venture with Iran.
Speaking with local press, SCI’s chairman and managing director BB Sinha said newbuild budget for the next financial year would be set at just $105m, with a focus on gas and offshore vessels.
SCI has no ships on order at present and Sinha, still relatively new to the top posting, is cautious about adding more tonnage.
Moreover, despite much media speculation to the contrary, Sinha has stressed he has no plans to resurrect Irano Hind Shipping Company, a joint venture with Iran. With sanctions being lifted on Iran, there were reports the venture could be rekindled.