Indian firms have lost valuable contracts, one of them by The Shipping Corporation of India (SCI), it has been revealed.

The SCI failed to deliver a contracted supertanker to be delivered in early September to China’s Hosco Group at a day rate of $37,500.

Falling freight rates have also affected Indian Oil Corp (IOC’s) contract for the shipment of crude oil by oil supertanker operator TMT, from Iraq to India.

IOC spends around Rs 1,500 crore annually to import around 40 million tonnes of crude.