Shipping Corporation of India (SCI) is planning to add over 41-lakh deadweight tonnage (dwt) in the Eleventh Five Year Plan period of 2007-08 to 2011-12, which would involve an outlay of about Rs 13,135 crore.

The Union Minister of Shipping, Road Transport and Highways, Mr. T.R. Baalu, said this while addressing the 15th meeting of the Parliamentary Consultative Committee attached to the Shipping Ministry here.

Growing Demands

The committee members suggested that SCI should prepare a blue-print for the next 20 years to meet the growing demands of sea transportation in the liberalized economic scenario.

They also expressed concern over the lack of maritime training facilities resulting in shortage of manpower in the shipping sector.

They emphasized that the SCI should try to recover the outstanding dues standing mainly against the public sector companies in a time-bound manner.

Pointing out that SCI has paid Rs 1,487.47 crore to the Government as dividend cumulatively (since inception) and is the only Indian shipping company to have ever crossed the Rs 1,000 crore net profit threshold, Mr. Baalu said SCI should be given all support it requires to maintain its top position in the Indian shipping scene, according to an official statement.

The Minister informed that the SCI has set up joint ventures with reputed international partners for carrying liquefied natural gas (LNG) which would give it new business opportunities.

SCI has entered into a joint venture with world renowned partners like NOL & NYK Lines of Japan & ‘Q’ ships of Qatar for carriage of LNG for the Petronet project.

SCI also has one of the oldest maritime joint ventures in Iran with an Iranian company, Irano-Hind Shipping Company, which is an India-Iran tie up, he added.

EXIM Trade

India possesses the largest merchant shipping fleet among the developing countries and is ranked 20th in the world in terms of shipping tonnage, the release stated adding that approximately 95 per cent of India’s EXIM trade by volume or 70 per cent by value is moved by sea.