India’s Shipping Corp to Boost Freight Fleet

3 August 2009 (Last Updated August 3rd, 2009 18:30)

The Shipping Corporation of India plans to buy up to five used ships later this year as part of a joint venture with India’s Steel Authority. The ships will be mainly used to import coking coal, the company said. Last month, Shipping Corporation chairman and managing director

The Shipping Corporation of India plans to buy up to five used ships later this year as part of a joint venture with India’s Steel Authority.

The ships will be mainly used to import coking coal, the company said.

Last month, Shipping Corporation chairman and managing director S Hajara said the two companies would each own 25% in the joint venture, which is expected to be formed in March 2010.

The company is also considering buying bulk carriers such as Supramaxes or Panamaxes, according to the Dow Jones.