CCEA approves SCIs acquisition plan, deepening of Paradip channel

November 30th, 2007 - 8:42 pm ICT by admin  

New Delhi, Nov 30 (ANI): The Cabinet Committee on Economic Affairs (CCEA) has given its approval to the Shipping Corporation of India (SCI) plan to acquire six Handymax Bulk Carriers of about 57,000 Dead Weight Tonnage (DWT) each at price of 44.90 million dollars.
The acquisition of vessels would allow partly replacement of the ageing Handymax fleet of the company which would be due for scrapping in the near future.
Acquisition of vessels would augment the Indian dry bulk carrier tonnage as also the share of Indian Lines in Indias overseas trade.
Employment of Indian flag vessels for the trade would result in net foreign exchange savings for the country.
The CCEA also gave its approval for revised cost estimates regarding implementation of Deepening of Channel at Paradip Port at a revised estimated cost of Rs.253.359 crore.
The Project is likely to be completed within 60 weeks. (ANI)

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