Shipping Corporation of India Modernizes Fleet

first_imgzoom The Shipping Corporation of India (SCI) has rejuvenated its outdated fleet slashing its age by almost a half.“Shipping Corporation of India (SCI) has replaced most of its aged fleet and it has a modern and fuel efficient fleet with an average age of 9.5 years as on March 2017 compared to average Indian fleet age of 18.4 years,” Shipping Minister Mansukh Lal Mandavya is quoted as saying by the Press Trust of India.As a result, SCI’s fleet meets the latest regulations of IMO and its ships are equipped with modern facilities, the minister added.The company was asked to modernize its fleet in May last year by India’s standing parliamentary committee on transport.As SCI was posting losses since 2011, it abstained from ordering new tonnage and vessel acquisitions. However, the company bounced back to a net profit of Rs.384.41 crore during 2015-16.According to SCI’s data, six ships were disposed off during the current financial year, those being three tankers aged between 1992-1994, a bulk carrier built in 1998 and two offshore vessels built in 1984. In addition, one VLCC was added to the fleet-Desh Vibhor, built by China-based Jiangsu Rongsheng Heavy Industries.Based on the company’s website info last updated in March, 2017, SCI owns a fleet of 69 ships equaling in 3.26 million GT and 5.85 million DWT. SCI’s owned fleet includes bulk carriers, crude oil tankers, product tankers, container vessels, RORO vessels, LPG/ammonia carriers and offshore supply vessels.World Maritime News Stafflast_img read more

SAAM to Sell 35 Pct Stake in Tramarsa

first_imgzoom Chilean port, towage and logistics services provider SAAM has decided to sell a minority stake in Peruvian Trabajos Marítimos S.A. (Tramarsa) to the Romero Group.SAAM said that Peruvian Romero Group accepted the conditions established to sell the 35% stake in Tramarsa, which operates a marine port and offers port services.The shares will be sold for USD 124 million. Following the transaction, SAAM will obtain profits amounting to USD 33 million.“This decision is part of our strategy of seeking control, either directly or through joint ventures, in our operations and assets”, Macario Valdés, SAAM’s CEO, explained.“This sale not only allows us to do a good business, but it also provides us with additional resources to take advantage of any opportunities that may arise and that we are constantly evaluating”, Valdés added.The transaction should be formalized before May 6, when the Romero Group will control 100% of Tramarsa.In early April, SAAM announced plans to invest a total of USD 133.5 million this year.The company intends to invest USD 85 million in maintenance and extension of its current assets – San Antonio Terminal Internacional, Terminal Portuario Guayaquil and San Vicente Terminal Internacional.SAAM recently materialized the acquisition of two concessions in Puerto Caldera, the second largest port in Costa Rica, for USD 48.5 million. The company now controls 51% of Sociedad Portuaria de Caldera (SPC) and of Sociedad Portuaria Granelera de Caldera (SPGC).last_img read more