Shipping Corporation of India (SCI), based in Mumbai, has sold its older MR1 product tanker, MT Sampurna Swarajya, for an undisclosed amount. In a notification to the stock exchange, Shipping Corporation of India (SCI) revealed that the tanker, built in 1999 and with a deadweight of 30K DWT, was sold and handed over in its current condition at the Ennore anchorage in India. Prior to the sale, speculative reports from shipbrokers had suggested that the vessel might be sold to an unidentified shipowner based in the UAE for approximately $4.2 million. With this transaction, the Shipping Corporation of India’s (SCI) tanker fleet is reduced to 30 vessels, which now have an average age of 15 years. 13-August-2023
The share price of the Shipping Corporation of India (SCI) surged today following a Reuters report that the Indian government is moving forward with the long-awaited privatisation of the nation’s leading shipping company. The report indicates that the government is set to invite financial bids again for the privatisation of Shipping Corporation of India (SCI) in the middle of the next month, according to government sources. This step is part of a lengthy privatisation process that Shipping Corporation of India (SCI) has been contemplating for years, which required the company to sell off several non-core assets, a task it successfully completed earlier this year. The Indian Government’s efforts to privatise Shipping Corporation of India (SCI) have been ongoing for years, facing numerous bureaucratic challenges. The Union Cabinet approved the strategic divestment of Shipping Corporation of India (SCI) in November 2020, and a call for expressions of interest for the strategic divestment of India’s entire shareholding in Shipping Corporation of India (SCI) was issued in December of the same year. Although multiple bids were received by March 2021, the demerger process experienced delays. Currently, Shipping Corporation of India (SCI) boasts a diverse fleet of 52 vessels. 9-April-2023
The long-standing effort to privatize the Shipping Corporation of India (SCI) has overcome a significant obstacle with the government’s approval to demerge its non-core assets. Shipping Corporation of India (SCI) has been granted permission by the Ministry of Corporate Affairs to transfer its non-core assets to a newly established entity, marking a crucial step forward in the government’s intention to sell off its stake in Shipping Corporation of India (SCI). In a regulatory disclosure, Shipping Corporation of India (SCI) announced, “The Ministry of Corporate Affairs has approved the scheme of arrangement for the demerger of non-core assets of Shipping Corporation of India (SCI) into Shipping Corp of India Land and Assets.” This development is part of the Indian Government’s ongoing efforts to privatize Shipping Corporation of India (SCI), a process fraught with bureaucratic challenges since its inception. The Union Cabinet had already greenlit the strategic divestment of Shipping Corporation of India (SCI) in November 2020, followed by an invitation for expressions of interest for the strategic divestment of India’s entire shareholding in December of the same year. Despite receiving several bids by March 2021, the demerger process faced delays. However, the approval of a revised demerger plan now suggests that the privatization of SCI could be finalized by the fiscal year 2024. 23-February-2023
The ambitious endeavor to privatize the Shipping Corporation of India (SCI) is expected to extend over several more months. This initiative is a segment of a broader privatization effort spanning various sectors, with the Indian Government focusing on the privatization of the Mumbai-based Shipping Corporation of India (SCI) for the past 18 months. Despite progressing to the tender stage and selecting some finalists, the intricate composition of the conglomerate has prompted the government to pause the process. The pause is to facilitate the separation of non-core real estate assets, setting a provisional timeline to invite new bids in September. In line with the strategic divestment plan, the government is segregating Shipping Corporation of India’s (SCI) Shipping House, its training institute in Pune, and other non-core assets to streamline the sale process. 8-May-2022
Three contenders have been shortlisted for acquiring the Indian government’s 63.75% share in the Shipping Corporation of India (SCI). These selected bidders are now set to submit their proposals and will be granted the opportunity to conduct due diligence on Shipping Corporation of India (SCI), indicating that the privatization of this leading Indian maritime company is on course to be finalized within the year. The entities vying for ownership of Shipping Corporation of India (SCI) include Safesea, a shipping company based in the United States and founded by SV Anchan, an Indian-born entrepreneur, two decades ago; Megha Engineering and Infrastructure, a Hyderabad-based conglomerate led by PV Krishna Reddy with diversified interests in oil drilling, construction, aviation, media, and power; and a consortium spearheaded by Ravi Mehrotra, a veteran in the shipping industry who began his career in the 1960s at Shipping Corporation of India (SCI) itself. Mehrotra’s bid involves partnership with Exmar, a major Belgian shipping company, and GMS, the world’s leading cash buyer of ships slated for demolition, based in Dubai. Notably, a bid by a consortium comprising private equity firm Bain Capital and shipping company JM Baxi did not progress to the final round. 6-May-2021
In celebration of International Women’s Day, the Shipping Corporation of India (SCI) introduced a notable achievement by deploying a product tanker manned entirely by female officers over the weekend. Shipping Corporation of India (SCI), a trailblazer in the employment of women seafarers, has been actively involved in promoting gender diversity within its ranks and has undertaken numerous initiatives to support aspiring female cadets at its maritime training institute. According to data from the International Transport Workers Federation’s recent collective bargaining agreements, out of an estimated 1,647,500 seafarers available globally for service on internationally trading ships, women constitute 1%. When cruise shipping is accounted for, the percentage of women working at sea increases to 7.5%. The state-operated Shipping Corporation of India (SCI) is slated for privatization later this year, with one of the submitted bids coming from a consortium that includes Exmar, GMS, and Foresight. Foresight, in particular, envisions transforming Shipping Corporation of India (SCI) into a company primarily focused on energy, with significant investments in LNG carriers. A Foresight executive highlighted the aim to shift Shipping Corporation of India’s (SCI) focus from conventional shipping to specifically cater to the energy sector, in line with the anticipated double-digit growth in India’s energy demand. 7-March-2021
Great Eastern Shipping, an Indian shipowner and operator, is reportedly preparing to submit a bid for the acquisition of the government-owned Shipping Corporation of India (SCI). As part of the privatization efforts, the Indian government has invited expressions of interest for its 63.75% stake in Shipping Corporation of India (SCI), with all proposals expected to be submitted within the next month. Currently, Shipping Corporation of India (SCI) operates a diverse fleet of 59 ships, which includes two container ships, 18 crude oil tankers, 15 dry bulk carriers, one LPG/ammonia carrier, two multipurpose ships, eight offshore supply vessels, and 13 product tankers. This move signifies a significant step in the government’s privatization agenda, aiming to transfer ownership of this key maritime entity to private hands. 15-February-2021
The Indian government has given the green light for the sale of the state-owned Shipping Corporation of India (SCI), a major step in the country’s expansive privatization initiative. This move was approved by the cabinet committee on economic affairs as part of India’s most significant privatization effort in over a decade, which also includes the disposal of Bharat Petroleum Corp and Container Corp of India. This decision comes as the Indian government seeks to address a growing fiscal deficit and stimulate an economy that has been showing signs of slowing. In addition to the Shipping Corporation of India (SCI) sale, the government has approved a proposal to reduce its stakes to below 51% in certain companies while maintaining control. The specific plan for Shipping Corporation of India (SCI) involves selling the government’s entire 63.75% holding. With Shipping Corporation of India’s (SCI) current market value at approximately $288 million, the government stands to gain around $184 million from the sale if it proceeds at this valuation. Following the announcement of this decision, Shipping Corporation of India’s (SCI) shares experienced a decline, falling by as much as 5.6%. Despite previous opposition to privatization in 2017, the Shipping Ministry has stated that it will not stand in the way of this proposed sell-off, and Shipping Corporation of India (SCI) has agreed to the stake disposal. Shipping Corporation of India (SCI), which is listed on the Mumbai stock exchange, boasts a diverse fleet of 135 ships. This fleet includes five very large crude carriers (VLCCs), along with suezmaxes, aframaxes, and other tankers. Additionally, Shipping Corporation of India (SCI)’s fleet comprises container ships, bulk carriers, offshore support vessels (OSVs), an LPG carrier, and ferries, demonstrating the Shipping Corporation of India’s (SCI) significant role in various segments of the maritime shipping industry. 19-November-2019
Three crew members are missing, and another was airlifted to a hospital with burn injuries following a fire on an Indian VLCC (Very Large Crude Carrier) in ballast off the coast of Oman on Tuesday morning. The tanker, MT Desh Vaibhav, owned by the Shipping Corporation of India (SCI), experienced an explosion while it was en route from India to Fujairah. In the ensuing chaos, four crew members jumped overboard. Shipping Corporation of India (SCI) has released a statement confirming that the fire in the cargo tank has been brought under control, and a salvage tug is currently on its way to help cool down MT Desh Vaibhav’s tanks. Furthermore, Shipping Corporation of India (SCI) has updated that two seafarers have tragically lost their lives due to the explosion that occurred Tuesday morning off Oman. Another crew member is currently receiving treatment for burns in a hospital in Muscat. Plans are being made for MT Desh Vaibhav to head to a nearby port to evaluate the extent of the damage and necessary repairs. Photos circulating on social media reveal a significant hole in the deck of MT Desh Vaibhav. As of now, there have been no reports of pollution resulting from the incident. An investigation into the cause of the explosion is just beginning. 15-August-2018
Shipping Corporation of India (SCI) has completed the sale of its 1999-built tanker, MT Abul Kalam Azad. 51K DWT MT Abul Kalam Azad was listed for sale via an e-auction in August, with Shipping Corporation of India (SCI) indicating its openness to sell the tanker for further trading or for scrapping, on an “as is where is” basis. While the Indian shipowner and operator Shipping Corporation of India (SCI) did not disclose the identity of the buyer or the sale price, tracking data from Marine Traffic reveals that MT Abul Kalam Azad has recently relocated from its anchorage at Kakinada to Chittagong, where it is slated for dismantling at a scrapyard. 1-January-2018
The appointment of Anoop Kumar Sharma as the head of the Shipping Corporation of India (SCI) represents a significant development in the intersection of the private and public sectors in India. Sharma, who has been serving as the Managing Director of Essar Shipping, brings a wealth of experience from the private sector to this prominent state-run entity. This appointment is especially noteworthy as it’s uncommon for the Indian government to select a leader from the private sector for a key role in a state-owned enterprise. The leadership role at Shipping Corporation of India (SCI) had remained vacant for over a year, with BB Sinha, a director of the corporation, temporarily overseeing operations for the past 12 months. Sharma’s new role comes with a three-year contract. What makes Anoop Kumar Sharma’s acceptance of the position even more remarkable is the significant pay cut involved, as reported by local media, which suggest a decrease in salary of up to 80% compared to what he earned in the private sector. Anoop Kumar Sharma’s background in shipping is extensive. Born in 1960 in Jhansi, Uttar Pradesh, he moved to Mumbai as a teenager to commence his maritime training at Training Ship T.S. Rajendra. Completing his training in 1978, Anoop Kumar Sharma began his career with Shipping Corporation of India (SCI), a well-known training hub for Indian shipping professionals. Anoop Kumar Sharma served onboard Shipping Corporation of India’s (SCI) ships until the end of 1992 and then transitioned to shore-based roles. This transition coincided with a tumultuous period in India’s history, marked by the demolition of the Babri Masjid and the ensuing political unrest and violence. Over the next 16 years, Anoop Kumar Sharma gained valuable experience across various departments within Shipping Corporation of India (SCI). In 2008, he joined Essar Shipping, India’s third-largest shipping line, eventually rising to the roles of CEO and Managing Director by April of the previous year. Anoop Kumar Sharma’s appointment as the head of Shipping Corporation of India (SCI) is not just a testament to his impressive career trajectory but also indicates a shift in the Indian government’s approach to public sector leadership. By choosing a leader with a diverse range of experiences from the private sector, the government demonstrates its recognition of the value such expertise can bring to state-run enterprises. 20-August-2016
Capt. Anoop Kumar Sharma has been appointed as the new whole-time director and CEO of Essar Shipping Ltd, taking over from A R Ramakrishnan following his retirement as managing director on March 31, 2015. Capt. Sharma, who has been the CEO of the Mumbai-based shipowning entity Essar Shipping Ltd since August 2008, will now undertake the duties previously held by A R Ramakrishnan, with direct accountability to the Board of Directors. Holding a degree from Narsee Monjee Institute of Management Studies in Mumbai and being a Fellow at the Institute of Chartered Shipbrokers in London, Capt. Sharma also serves on the governing council of the Narottam Morarjee Institute of Maritime Studies. His prior experience includes a 16-year tenure at the government-run Shipping Corporation of India (SCI), culminating in the position of senior vice-president of the ship chartering division, where he was responsible for identifying global business prospects for a range of vessels such as bulk carriers, tankers, and containers, in addition to initiating new business projects. 1-April -2015