NEW DELHI, Oct 22: In its bid to strengthen its fleet, the public sector Shipping Corporation of India (SCI) has decided to induct four break-bulk combi vessels of 19,000 dead weight tonne (DWT) size. It has floated global tenders for induction of break-bulk combi vessels - which can be used to carry general cargo as well as containers - to replace the liner tonnage scrapped by the corporation.While the corporation SCI estimates a payout of around $ 68 million (approximately Rs 240 crore) for the four vessels, international bids are expected to be on the higher side - the current market price for a combi vessel of this size is around $19 million (approximately Rs 66 crore) each. Of this, nearly 80 per cent will be raised through external commercial borrowings (ECBs). The remaining 20 per cent will be funded from internal resources. The vessels will be deployed in UK-continent and the Far East.According to SCI officials, the corporation was in desperate need of combi vessels as it had scrapped around 60 combi vessels aggregating over 800,000 DWT in the last 10 years, without any major replacements. In fact, only 200,000 DWT was acquired. The combi vessels are used for the country's overseas general cargo trade comprising break-bulk as well as containerisable cargoes, which move mainly in UK-continent, US(Atlantic) and the Far East.The country's overseas general cargo is expected to grow at a compound annual growth rate of 16 per cent. Of this, around 70 per cent is estimated to be containerisable, according to a study conducted by the International Maritime Organisation.
