MOU
Shipping Corporation Signs MoU with GOI
NEW DELHI . Shipping Corporation of India Limited has signed the Memorandum of Understanding with the Ministry of Shipping for the financial year 2016-17. The Memorandum of Understanding was signed by Shri Rajive Kumar, IAS, Secretary (Shipping) and Capt. B.B. Sinha, Chairman and Managing Director, Shipping Corporation of India Ltd., at New Delhi.
The MoU will be periodically reviewed by the Ministry and the performance of the PSU would be evaluated and ratings awarded at the end of the financial year.
The shipping industry is cyclical and is presently experiencing a downturn. The SCI has taken proactive measures for sustained growth in these challenging times including costs-saving and has reported a consolidated net profit of Rs.389.4 crores for the financial year 2015-16.
SCI has ambitious CAPEX plans in 2016-17 to augment its tonnage through acquisition of secondhand vessels. SCI has been entrusted with the management of ONGC’s MODUs ‘Sagar Vijay’ and ‘Sagar Bhushan’ for a period of six years. It has also been entrusted with the technical management of A&N owned 17 Foreshore vessels.
SCI is maintaining its focus on coastal trade mainly in coastal crude transportation and transportation of coal to meet increased demand of power generation.
To take advantage of the increasing opportunities in Inland Waterways, SCI has signed an MOU with Inland Waterways Authority of India (IWAI) during the Maritime India Summit 2016 and is proposing formation of a wholly owned subsidiary to undertake inland waterways transportation on National Waterways 1, 2 & 5.
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