The Shipping Corporation of India Expands Fleet with New Vessels

The national carrier’s board of directors has approved the acquisition of several ships, including a very large gas tanker, a medium-range tanker, and a container ship with over 9,000 20-foot units capacity. The acquisition also includes a platform supply vessel and an anchor handling, towing, and supply vessel, according to a government official. The last time the Shipping Corporation of India expanded its fleet was in fiscal 2017 when it acquired four vessels, including two platform support vessels, a very large gas tanker, and a Suezmax tanker. The Department of Investment and Public Asset Management began the process of privatizing Shipping Corporation of India in December 2020, but the sales process is not yet complete.

The Shipping Corporation of India, India’s largest shipping company by fleet size and the only shipping company in the country that owns very large crude oil tankers, has been in the process of privatization in recent months. The government’s asset sale arm, DIPAM, initiated the process of selling the government’s 63.75 percent stake to a strategic buyer, but the sales process is not yet complete. The company’s fleet includes five very large crude oil tankers.

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