News
SCI
raises loan to prepay government debt
Shipping Corporation of India (SCI) has finalized a five-year
loan of Rs. 200 crore with Bank of Baroda at an interest rate
of 8.75 per cent to pre-pay part of the Rs. 250-crore outstanding
government loan before the disinvestments of government stake.
The decision to pre-pay the loan has the twin objective of reducing
the Union government's burden on paying the interest differential
subsidy to SCI for acquiring new vessels, besides releasing a
large number of vessels mortgaged by the company with the Government
for availing of the loan. SCI had mortgaged about 30-35 vessels
with the government over a period of 10-15 years for availing
of the loan. By prepaying Rs. 200 crore out of the total outstanding
loan of Rs. 250 crore, the SCI would be able to get the mortgaged
vessels released from the government. The SCI owes about Rs. 250
crore to the government for availing of low-cost loan, term loans
from the erstwhile Shipping Development Fund Committee (SDEC).
Videocon
to join the race for SCI stake Videocon International,
a diversified consumer electronics company, is reportedly planning
to tie up with a foreign partner for diversifying into shipping
business. The company is said to be keen on putting in an expression
of interest (EoIs) for the SCI and has claimed that it has been
approached by a number of overseas shipping companies for possible
tie-up in the bid for SCI. The group's flagship company Videocon
International had reserves of over Rs 1,600 crore in the last
financial year and is one of the biggest players in consumer electronics.
SBI
Caps & Lazard Capital to advise SCI on disinvestments SBI
Caps and Lazard Capital have received the mandate for acting as
global advisors for the disinvestment of 51 per cent equity stake
in Shipping Corporation of India. Earlier, the ministry of disinvestments
had called for bids for appointment of global advisors and about
a dozen participants had bid for the advisory role.
Haldia-Chittagong
box service launched A new container shipping
service has been launched between the Haldia and Chittagong port
in Bangladesh to facilitate trade between the two countries. HRC
Shipping of Dhaka, which operates the service has already done
the first sailing of 500-TEU vessel. The distance between Haldia
and Chittagong would be covered in 22 hours. The service will
operate on a weekly basis starting from Haldia dock on every Saturday.
Shipping
world remembers J P Mehta A function to mark the
birth centenary of the late J.P.Mehta, a shipping pioneer and
first senior executive of the Eastern Shipping Corporation (which
subsequently became the Shipping Corporation of India (SCI)) was
organized on February 15. Several speakers at the function recalled
J.P.Mehta’s pioneering work in the development of Indian
shipping. Dr. C.P.Srivastava, the Secretary General Emeritus of
the International Maritime Organization (IMO) and the Founder
Emeritus of the World Maritime University delivered the keynote
address. Other speakers who spoke on the occasion included Justice
S.C.Pratap, former judge of the Bombay High Court and Chief Justice
of the Andhra Pradesh High Court and Dr. Jyoti Trivedi, Former
Vice Chancellor of the S.N.D.T. University. Mr. P.K.Srivastava,
CMD of Shipping Corporation of India (SCI) also paid his tributes.
Drop
international piracy attacks According to a report
released by the International Chamber of Commerce (ICC)–International
Maritime Bureau (IMB) the Malacca Straits, which is one of the
busiest shipping routes in the world has seen a drop in the number
of piracy attacks to 17 in 2001, compared to 75 in 2000. Over
600 ships on a daily basis use the Malacca Straits. The total
number of attacks worldwide has also dropped from 469 in 2000
to 335 in 2001. During 2000, Indonesia recorded 91 reported attacks,
the highest followed by India with 27 attacks and Bangladesh,
which reported 25 attacks. In the Indian waters, the piracy prone
areas included Chennai, Kochi, Haldia, Kandla and Tuticorin anchorage.
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