06-06-2016

SCI almost doubles net profit in 2015-16

SCI

Restructures existing SMILE service to connect east & west coast; launches PIX2 service

The Shipping Corporation of India Ltd (SCI), India’s largest shipping company and a government of India Public Sector Undertaking (PSU), has nearly doubled its net profit to Rs 377.29 crore for the year ended March 31, 2016, as against a net profit of Rs 200.93 crore in the previous year. This is despite providing for an impairment loss of Rs 136.38 crore, highlighted a release.

The overall financial performance of the company has also improved, with enhanced net worth and Earning Per Share.

The profit of SCI is especially creditable given the unprecedented downturn in the dry bulk and container shipping sector worldwide, the release stressed.

SCI has a diversified fleet of 69 vessels of 5.89 million DWT with an average age of below 10 years. It has been able to maintain its tonnage over the year and aspires to cross the 6-million DWT milestone in the near future, the release added.

Restructures existing SMILE service

With a view to optimise and in order to maintain the SMILE service’s quality and operational efficiency, SCI has announced connecting the east coast of India to the west coast and vice versa along with Persian Gulf, with the addition of new ports. The restructured SMILE service rotation will be: Mundra, Pipavav, Cochin, Tuticorin, Katupalli, Krishnapatnam, Mundra/Pipavav, Jebel Ali.

The service will operate with four vessels ranging from 1,650 TEUs to 4,400 TEUs (nominal capacity), maintaining the service standards and schedule integrity. This is a joint venture between SCI (three vessels) and Shreyas Shipping (one vessel). The restructured service will cater to SCI’s valued customers with an improved product offering greater port coverage, while maintaining an efficient and reliable service for coastal and ex-im trade via Mundra/Pipavav to Persian Gulf.

The restructured service(s) will commence w.e.f. June 9, 2016.

Launches PIX2 service

SCI also announced the launch of the PIX2 service, in consortium with Shreyas Shipping, with the service rotation of Mundra, Katupalli, Krishnapatnam, Vizag, Tuticorin, Cochin and Jebel Ali. This service deploys four vessels of about 1,650 TEUs each—one of SCI and three of Shreyas.

The new routing makes it feasible to connect pan-Indian ports with an improved transit time on mix of various port pairs, highlighted a release.

Source: Exim

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