Shipping Corporation of India Ltd
Shipping Corporation of India Ltd (SCI)

Shipping Corporation of India Ltd (SCI)


Key Stats

Day's Price Range
52-Week Price Range
1 Month Return10.56 %
3 Month Return-0.67 %
1 Year Return5.81 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

Rank 32
Rank 77
Rank 64
Dividend Yield
Rank 121
Rank 183
Price To Book Ratio
Rank 35
Debt To Asset
Rank 214

Company Information

Shipping Corporation of India Ltd SCI is one of Indias largest shipping in terms of Indian flagged tonnage. The company is a company owned by the Government of India based in Mumbai that operates and manages vessels that services both national and international lines. The company has operating interests in practically all areas of the shipping business servicing both national and international trades. As on 31 March 2019 the company has one subsidiary Company and has six Joint Ventures. The company operates in three segments: liner and passenger services bulk carriers and tankers and technical and offshore services. Liner segment includes break bulk and container transport. Bulk segment includes tankers both crude and product dry bulk carriers gas carriers and phosphoric acid carriers. Others include offshore vessels passenger vessels and services and ships managed on behalf of other organizations. The companys owned fleet includes Bulk carriers Crude oil tankers Product tankers Container vessels PassengercumCargo vessels Phosphoric Acid /Chemical carriers LPG / Ammonia carriers and Offshore Supply Vessels. In addition the company manages a large number of vessels on behalf of various government departments and organizations. SCIs worldwide operations are supported by offices in the four metros of India namely Mumbai Delhi Chennai and Kolkata and they also have an office in London. Shipping Corporation of India Ltd was incorporated on March 24 1950 as Eastern Shipping Corporation Ltd. Western Shipping Corporation Ltd was amalgamated with the company with effect from October 2 1961 and the name of the company was changed from Eastern Shipping Corporation Ltd to The Shipping Corporation of India Ltd on October 21 1961.In the year 1964 the company diversified their business into crude oil transportation. In the year 1973 Jayanti Shipping Company Ltd was amalgamated with the company. In the year 1975 the company acquired first Indian VLCC. Also they set up a joint venture company namely IranoHind Shipping Company in Iran.In the year 1984 the company diversified into offshore supply vessels through acquisition of 10 offshore supply vessels. In the year 1986 Mogul Line Ltd was amalgamated with the company. In the year 1987 the company established Maritime Training Institute in Mumbai. During the year 199091 the company executed the first memorandum of understanding with the Government of India specifying performance and operational targets.In the year 1991 the company diversified into chemical tankers and cryogenic operations. In the year 1992 they divested 18.51 equity shares in favour of financial institutions mutual funds banks and FIIs. Subsequently the company was changed from a private company to a public company and received a fresh certificate of incorporation on February 18 1993. Also the shares were listed on the BSE the NSE the CSE the DSE and the MSE. In the year 1993 the company acquired 3 cellular vessels namely Lal Bahadur Shastri Indira Gandhi and Rajiv Gandhi. In the year 1994 the company made their second disinvestment of 3864600 equity shares constituting 1.37 of the paid up capital by the President of India in favour of FIIs Mutual Funds and banks.In the year 2000 the company was conferred the status of Mini Ratna by the Government of India enhancing powers for capital investment to the Board. In the year 2004 the company diversified into LNG transportation through joint venture with Mitsui OSK Lines Ltd Nippon Yusen Kabushiki Kaisha Qatar Shipping Company QSC and Kawasaki Kisen Kaisha Ltd. In the year 2005 the company acquired the VLCC of 316000 DWT largest ship in Indias registry.In the year 2006 the company entered into a joint venture arrangement with Forbes and Sterling Investments for operations in the chemical tanker. In the year 2008 the company conferred the status of Navratna by the Government of India. They commenced their transformation through information technology project for better information management.In the year 2009 the company acquired VLCC of 321000 DWT largest ship in the Indian Registry. They took over the management of two LNG carriers. In the year 2010 the company entered into joint venture arrangement with SAIL to provide shipping related services to SAIL for importing coking coal. In September 2010 the company signed the shipbuilding contract with Jiangsu Eastern Heavy Industries Co Ltd for acquisition of four Kamsarmax Bulk Carriers of about 80000 DWT each. As of September 30 2010 the company had ordered the construction of 29 vessels which they expect to be delivered between the year ended 2010 and 2013 and they have plans to order an additional 20 vessels in fiscal year 2011. In addition as of September 30 2010 they managed 64 vessels of 0.2 million DWT on behalf of Government agencies public sector undertakings and their joint ventures.The company intends to expand and develop their container services. As part of their service routes they plan to extend their reach into Southeast Asia Southern Africa and North America. They are also reviewing ways in which they can connect their services to ports in East Africa as they believe that India is emerging as the biggest exporter of goods and project cargo to this region. They also intend to recommence their IndiaU.S. containership service in the future.The company intends to expand and develop their breakbulk business by entering into new joint service agreements with vessel owners to operate in trade lanes that they believe present areas for diversification and growth such as Europe to the Middle East the East Coast of the US to Europe and Southeast to Far East Asia. They intend to enter into joint ventures with reputable logistics providers for endtoend logistical operations for projects in the area of power oil and gas and infrastructure.The company continues to explore possibilities of setting up joint venture companies and forging strategic alliances in their existing lines of business which will further consolidate their leading position in the maritime world. The company also continues to explore possible areas for diversification into shippingrelated activities. Some of the areas identified for expansion/ diversification include Coastal and Feeder Services Total Logistics Container Freight Stations CFSs Terminal Development/ Management Shipbuilding Dredging etc.Shipping Corporation of India SCI launched IMS service IndiaMyanmar Service in October 2014 in chartering m.v. Motor vessel SCI Kamal a 1200 TEU capacity vessel which linked the East Coast and West Coast of India to Myanmar. In FY2015 the SCI team successfully completed berthing and unberthing operations of 25 LNG tankers and one SPM single point mooring operation at RGPPL Ratnagiri Gas and Power Private Ltd Dabhol under the Port and Marine Services Contract. Thus under this contract a total of about 3.22 million metric tons of LNG was imported at the Dabhol LNG receiving terminal. The process for further renewal of contract is underway with RGPPL.At the end of the year 201617 the company had no new vessels on order. However it had signed MOAs Memorandum of Agreements for acquisition of a secondhand Suezmax tanker and a resale MPSV. These vessels were delivered on 26 April.2017 and 7 July 2017 respectively. Two vessels viz MV Indira Gandhi and MV Rajiv Gandhi were sold on 22 May 2017 and 7 July 2017 respectively.During FY17 the Shipping Corporation of India and GAIL India Ltd signed the Memorandum of Understanding to cooperate for transportation of 5.8 million tones per annum of LNG Liquified Natural Gas sourced by GAIL from Sabine Pass and Cove Point terminals in the U.S. The cooperation would include SCI assisting GAIL in the charter hiring of LNG ships and post fixture management services to GAIL for their inchartered vessels which will be carrying LNG from USA to India. This collaboration between GAIL and SCI aims to augment the natural gas supply through LNG imports.SCI acquired one secondhand Multi Purpose Support Vessel MPSV named SCI Sabarmati on 18 November 2016 of 3306 GT gross tonnage and 3352.31 DWT. With this strategic acquisition the companys offshore fleet has increased to 10 vessels. This vessel was successfully deployed on a distinguished charter for a period of 4 years. It also signed an MOA for purchase of one more secondhand MPSV which will be delivered in early 201718 and will also be deployed on longterm charter.During FY17 SCI entered into three JVCs with three Japanese Companies viz. Mitsui O.S.K.Lines MOL Nippon Yusen Kabushiki Kaisha NYK and Kawasaki Kisen Kaisha Ltd. K Line along with Qatar Shipping Company Q Ship in case of ILT No. 1 and 2 and Qatar Gas Transport Company QGTC in case of ILT No. 3 each owning and operating an LNG tanker deployed in the import of a total of 7.5 million metric ton per annum of LNG for the Dahej Terminal of M/s Petronet LNG Ltd PLL. SCI is the first and only Indian company to enter into the hightechnology oriented and sunrise sector of LNG. In FY17 SCI entered into 4th JV formed in Singapore with the same three Japanese companies viz. Mitsui O.S.K.Lines MOL Nippon Yusen Kabushiki Kaisha NYK and Kawasaki Kisen Kaisha Ltd. K Line along with Petronet LNG Limited PLL to own and operate one 173000 CBM LNG Tanker for transporting 1.44 million metric tons of LNG from Gorgon Australia to Kochi India for charterers Petronet LNG Limited.India has a long coastline admeasuring 7500 km. and a large network of river systems. Despite this very little attempt has been made to interlink these natural assets for a seamless environment friendly transport system. In a bid to remedy this lacuna during the Maritime India Summit 2016 the Inland Waterways Authority of India IWAI entered into a Memorandum of Understanding with The Shipping Corporation of India SCI on 15April 2016 to develop this field of domestic transport. Both parties agreed to work towards tapping the synergies of high sea shipping coastal shipping and inland waterways to establish an integrated system of water transportation across the hinterland the coasts and the high seas.For this purpose the SCI Board approved the formation of a dedicated subsidiary company of SCI based in Kolkata. The Company has been named as INLAND and COASTAL SHIPPING LIMITED ICSL. The subsidiary company is working on development of a viable business plan on this segment.During FY18 SCI added three vessels viz. Desh Abhimaan SCI Saraswati and Nanda Devi. During the year there was deletion of six vessels viz. Indira Gandhi Rajiv Gandhi SCI Ratna B.C. Chatterjee A.K. Azad and Harshavardhana from SCIs fleet. Thus the overall fleet of SCI stood at 66 vessels of 5.86 million DWT at the end of the year.The company successfully performed the Port and Marine Services Contract at the RGPPL Ratnagiri Gas and Power Private Ltd. Dabhol Terminal for further 3 years i.e. 2015 to 2018. The SCI team successfully handled 53 LNG tanker calls at the Dabhol LNG receiving terminal and the total imported LNG under the contract stands at 7.36 million cbm cubic meter. Given the continued demand for LPG the company acquired second hand VLGC Very Large Gas Carrier named Nandadevi in September 2017 to ensure SCIs continued presence in the LPG segment. The company acquired one resale Multi Purpose Support Vessel MPSV SCI Saraswati on 7 July 2017 of 3616GT gross tonnage and 3719 DWT. This vessel is successfully deployed on a distinguished longterm charter with Defence Research Development Organization DRDO. During the year one 120 T BP AHTSV viz. SCI Kundan continued to remain on long term charter with ONGC while 3 nos. 120 T BP AHTSVs Viz. SCI Pawan SCI Ahimsa and SCI Urja completed their contract during first half of the financial year. After completion of longterm charter these 3 nos. 120 T AHTSVs were operating in spot market /shortterm charter. 2 nos. MPSVs viz. SCI Sabarmati and SCI Saraswati are on longterm contract with DRDO. One 80 T AHTSV SCI Ratna of the company capsized on 21 November 2017 due to ingress of water in the engine room. The incident took place 96 nautical miles off the coast of Mumbai and there was neither loss of life nor any oil spill in the vicinity. Further the company has already received the Insurance amount due in the matter. Remaining 2 nos. PSVs and 2 nos. 80T AHTSVs were predominantly operating in spot charter.During the year 2019 while there has been no addition of vessels five vessels M.T.G.G. Singh LPG Nangaparbat LPG Annapurna M. V. Tamilnadu M. V. Lal Bahadur Shastri have been decommissioned from SCIs fleet. Thus the overall fleet of SCI stood at 61 vessels of 5.606 million DWT at the end of the year.During FY 2019 SCI and GAIL had signed a Memorandum of Understanding for cooperation in transportation of 5.8 MMTPA LNG sourced by GAIL from U.S. terminals.As on 31 March 2019 about 4 inchartered container vessels having total net tonnage of 64978 MT were operated by the Company. In addition to the above owned and inchartered vessel the Company also has cargo loading rights on 19 vessels of its partners in various consortia arrangements that the Company has with leading shipping lines such as Mediterranean Shipping Company MSC Shreyas Shipping etc. The Company started a new Portblair Service in December 2018 with 2 inchartered vessels connecting Kolkata Chennai Port Blair route providing connectivity for cargoes from West and East coast of India to Port Blair. It also started ECX service in March 2019 with 1 inchartered vessel for providing connectivity for WC / ECI cargoes on Tuticorin / Kattupalli / Krishnapatnam/ Haldia route. During the year 2019 one 120 T BP AHTSV viz. SCI Kundan continued to remain on long term charter with ONGC and 2 MultiPurpose Support Vessel MPSVs continued their charter with DRDO. The remaining 2 nos. 80T Anchor Handling Towing Supply Vessels AHTSVs 3 nos. 120T AHTSVs and 2 nos. Platform Supply Vessels PSVs were predominantly operating in the spot market/short term charter. With continued efforts the company has been able to successfully obtain business from various reputed national/international/private clients.During the year 201819 the Company continued the Operation Maintenance management OM of ONGC s 2 Multi Support Vessels MSVs Samudra Sevak Samudra Prabha and one Geotechnical Vessel GTV Samudra Sarvekshak on nomination basis under Cost plus arrangement. The existing contract for GTV is valid upto 31 March 2021. Accordingly the company handed over Samudra Sevak on 16 March 2019.
OrganisationShipping Corporation of India Ltd