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Shipping Corporation of India
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Company History - Shipping Corporation of India
1961
 
 - The Company was Incorporated at Mumbai.  The Company was formed on
 2nd October 1961 when by virtue of the Shipping Corporation
 Amalgamation Order, 1961, the Undertaking of the Western Shipping
 Corporation Ltd., was merged into the Eastern Shipping Corporation
 Ltd., which was renamed `The Shipping Corporation of India Ltd.' The
 Corporation is an autonomous body working under the administrative
 superintendent of the Govt. of India in the Ministry of Transport
 and
 Communications.
 
 - The Company's objects is Corporation operates cargo passenger
 cum-cargo and tanker services.
 
 1962
 
 - The entire capital is held by the Govt. of India.
 
 1971
 
 - 4,49,844 shares issued to Govt. against acquisition of shares of
 Jayanti Shipping Co. Ltd.
 
 1972
 
 - 100 shares issued to Govt. without payment in cash.
 
 1992
 
 - The Company specifically acquired m.v. Ramanujam for service in
 the
 Rameshwaram-Talai mannar service.
          
 1993
 
 - The Russian Federation was expected to designate Port of
 Novorossisk
 for handling Indo-Russian Cargoes.  The Rupee-Rouble inter-se
 settlement reached advanced stage and was expected to give an
 impetus
 to revival of Indo-Russian trade.
 
 - The Polish buyers did not purchase any Indian Oil Cakes during the
 year on account of better availability of soyabean meal extraction
 from
 South American countries.
 
 - The Indo-Czech trade was affected by the splitting up of
 Czechoslovakia into Czech and Slovak Republic.
 
 - The Company continues to operate the passenger and cargo services
 between mainland and Andaman - Nicobar islands.
 
 - 1,31,811 passengers and 91,201 tonnes of general cargo and 18,383
 CBM
 tubes logs were transported between mainland and the islands.
 
 - The Company proposed for a joint venture with SCICI Ltd. and
 Transport Corporation of India Ltd. for starting Ro-Ro service along
 Indian Coast for carriage of trucks with general of bulk cargo.
 
 - The Company placed orders for 4 crude tankers of 1,40,000 DWT size
 apart from securing 4 vessels (2 bulk carriers and 2 general cargo
 vessels).  These are part of the 8 vessels from a part of 79 vessels
 planned for acquisition by the Company.
 
 - The Company undertook to acquire two double hull tankers in
 replacements of existing old and aged single hull tanker.
 
 - 68220 passengers and 10984 tonnes of cargo were transported
 between
 mainland and islands.
 
 - The Company took delivery of one more handy bulk carrier viz.
 m.v.Lok Pratap in June.  With the sale of m.v.Harrai in June and
 m.v.Lok Vivek in March 1994, total number of bulk carriers at the
 end
 of the year stood at twenty eight.
 
 - The Company took delivery of two M.R.Product carriers of 45100 DWT
 each from Hanjin shipyard, Korea.
 
 - Equity shares subdivided.  17689540 shares issued for
 consideration.
 Other than cash 2366,63,430 No. of equity shares issued to Govt. of
 India.
 
 1994
 
 - Five vessels were deployed carrying 1,14,693 passengers, 80,011
 tonnes of general cargo and 6574 CBM tanker logs.
     
 - The Company took delivery of three newly built double hulled crude
 oil tankers viz. m.t. Ankleshwar, mt. Gandhar, m.t.  Maharaja
 Agarsen
 from Korea and a second hand Japanese product/chemical tanker on 3rd
 May 1995.
 
 - Orders were placed for construction of two bulk carriers of 42,750
 DWT each with Hindustan Shipyard Ltd.
 
 - In Manland-Lakshdweep and Inter island shipping service, the
 company
 has three passenger cum cargo ships, two inter-island ferries and
 two
 cargo barger.
 
 - 64530 passengers and 16,615 tonnes of cargo were carried.
 
 - The socio political conditions in the Talaimannar not being
 conducive
 for recommencement of ferry between Talaimanna and Rameshwaram,
 `Ramanujan' was diverted to inter-islands services in Andaman and
 Nicobar sector.  The Company has a fleet of 26 crude carriers
 including
 2 VLCCS and OBOS apart from eight of product carriers.
 
 - During October, the Govt. further disinvested 38,64,600 shares
 representing 1.37% of paid up capital of the company.  Earlier,
 5,22,45,900 shares ie., 18.51% and with this disinvestment, Govt.
 holding in the Company was reduced to 80.12%.  The remaining 19.88%
 is
 held by Financial Institutions, banks, Mutual Funds, FIIS.
 
 1995
 
 - A Separate contract was entered into with M/s. ENRON and one World
 Bank tanker viz. m.t. Netaji Subhash Bose was given on time charter.
 
 1996
 
 - The Company acquired one secondhand MR product tanker viz. m.t.
 Bharatidasan.
 
 - Some of the new innovations/improvements in its new acquisitions
 are
 as follows:
 
 - (i) Installation of auxiliary engines capacable of burning heavy
 fuel
 oil leading to unifuel system for main and auxiliary engines
 
 - (ii) Fitting of ships with Global Maritine Distress safety system
 equipment to augment the safety of personnel onboard ships.
 
 - (iii) Portable Cargo tank level monitoring system in tankers to
 monitor the cargo tank levels instantaneously from any position of
 the
 vessel while attending to other duties thereby reducing the risk of
 pollution due to overflow of tanks during cargo loading.
 
 - (iv) Painting the new crude oil tankers recently acquired with
 light
 coloured tar-free-expoxy paint to facilitate the surveyors to carry
 out
 the inspection of the tanks.
 
 - (v) Placing of shipboard oil pollution emergency plan on ships for
 safety of the ship as well as safety of personnel as board.
 
 1997
 
 - One more crude tanker viz. mt. Guru Gobind Singh was acquired from
 Korea.  A secondhand multipurpose dry cargo vessel MV Vishva Karma
 was
 acquired on 23rd July.
 
 - The Shipping Corporation of India (SCI) will soon enter into a
 joint
 venture with a Singapore firm with a view to capturing the South
 Eastern market.  The joint venture company which will be known as
 bulk
 transportation company will be floated in Singapore with a total
 capital of 10 million Singapore dollars.
 
 - Shipping Corporation of India Ltd. has signed a MoU with the Union
 surface transport ministry for the next financial year 1997-98.
 
 - The Shipping Corporation of India (SCI) has signed a contract with
 Hyundai Heavy Industries Co. of South Korea for the construction and
 delivery of one 29,999 dwt product carrier.
 
 - With the first ever ship-to-ship transfer of crude oil at Saugar
 Roads at Hooghly river successfully completed on September 11, the
 country's leading shipping company, Shipping Corporation of India
 (SCI), has achieved yet another milestone.
 
 - The Shipping Corporation of India (SCI) has signed contracts with
 Hindustan Shipyard Ltd., Visakhapatnam for the construction and
 delivery of two hanymax bulk carriers of 42,750 DWT each.
 
 - The Shipping Corporation of India (SCI) has entered into an
 agreement
 with South Korea-based Halla Engineering & Heavy Industries for the
 acquisition of two new Aframax crude oil tankers.
 
 - SCI has entered into an agreement with two companies for running
 container feeder services between Chennai and Colombo and Mumbai and
 the Persian Gulf.
 
 - SCI has signed an agreement with the Dubai-based Integrated
 Container
 and Freight Services Ltd.
 
 - SCI entered into an agreement with Halla Engineering & Heavy
 Industries during the last week of October this year for acquiring
 two
 110,000 DWT (dead weight tonnage) Aframax crude oil tankers.
 
 1998
 
 - The Shipping Corporation of India (SCI) may establish a subsidiary
 company to promote coastal shipping and also Inland water Transport
 (IWT) activities as suggested by the Union surface transport
 secretary
 Yogendra Narayan.
 
 - The ministry of surface transport (MoST) has given an in principle
 consent to Rashtriya Chemicals and Fertilizers (RCF) to float a
 50:50
 joint venture shipping company with Shipping Corporation of India
 (SCI).
 
 - SCI has also set up the first Global Maritime Distress Safety
 System
 (GMDSS) laboratory in the country.
 
 - SCI intends entering into a joint venture with its foreign
 partner.
 
 - SCI and OCC had signed a Memorandum of Understanding (MoU)
 recently
 as a precursor to renew the contract for the transportation of
 crude.
 
 1999
 
 - Shipping Corporation of India (SCI) has signed an agreement for
 Enron's LNG Transportation project.  The agreement signed in the
 office
 of the surface transport ministry, was signed between Enron, Mitsui
 OSK
 Lines and the Shipping Corporation of India.
 
 - The government has cleared the 0 million joint venture proposal
 between the Shipping Corporation of India and Enron Power
 Corporation
 and Mitsui Osk Lines for transporting Liquefied Natural Gas for the
 Dabhol Power Company.
 
 - Indian Oil Corporation and Shipping Corporation of India Ltd.  to
 float a joint venture in equity collaboration with the Calcutta Port
 Trust for light tonnage activities.
 
 - The country's largest ever oil tanker and the very first double
 hull
 tanker will be handed over to the Shipping Corporation of India
 (SCI)
 here on Wednesday.
 
 - RCF and SCI to set up a shipping line as a 50:50 joint venture to
 transport urea from Oman to India.
 
 - SCI has entered into a joint venture with Enron Corporation of the
 US
 and Mitsui Osk Lines of Japan to from the greenfield shipping
 company,
 which will transport LNG from the Gulf for captive consumption at
 Enron
 Dabhol thermal power plant in Maharashtra.
 
 2000
 
 - The Company has been awarded the star performer's award for
 achieving
 the fatest transit time on the UK/North Continent-South Asia
 (JNP/Mumbai) Route for the year 1999, sponsored by Lloyds of London
 Press and the Port of London Authority.
 
 - The state-owned Shipping Corporation of India is considering a
 proposal by consultancy major PricewaterhouseCoopers (PwC) to hive
 off
 its three divisions bulk carrier and tanker, passenger and liner,
 and
 technical and offshore services into three separate companies.
 
 - The state-owned Shipping Corporation of India has entered the
 external commercial borrowings market to raise 5 million for
 funding
 the acquisition of four Aframax crude oil tankers.
 
 - Shipping Corporation of India Ltd. has won the 1999 Lloyds
 Register's
 Standard Ship Emergency Exercise Award.
 
 - The Shipping Corporation of India has tied up with Mitsui OSK
 Line,
 Nippon Yusen Kaisha and K Line to bid for a tender floated by
 Petronet
 LNG for transportation of liquefied natural gas (LNG).
 
 - The Company will consider the restructuring of SCI by way of a
 three-way split as recommended by PricewaterhouseCoopers (Pwc),
 enabling it to derive a better valuation than it currently does.
 
 - Mr P.K. Srivastava, Chairman, Shipping Corporation of India, has
 been
 given a three months extension. His five-year term expired in July.
 Mr
 Srivastava is likely to get another term as Chairman, according to
 SCI.
 
 - The government currently holds 80 % in SCIL. About 18 % is spread
 among financial institutions and mutual funds. Floating stock in the
 company is a miniscule one %. The plans for disinvestment.
 
 2001
 
 - During the year 2001, one Bulk Carrierr of 45792 DWT capacity was
 inducted in the company's fleet and 14 vessels aggregating 512006
 DWT
 tonnage, which were techno-economically unviable were disposed of.
 Thus, the overall fleet position remained 99 ships the end of the
 year.
 
 - SCIL and Japan-based Mitsui OSK Lines (Mitsui) won the 0
 million
 Petronet LNG contract to build and operate two LNG carriers.
 Encouraged
 by the success of the mainline container services on the
 UK/Continent
 route, SCIL is planning to place higher capacity vessels on the
 route.
 The company is currently in the market in search of 2200/2300- TEU
 capacity vessels for acquisition.
 
 2002
 
 -Government decided on strategic sale of 51% of SCI's equity and has
 fixed
 Rs.800 cr of networth criterion to SCI.
 
 -SCI has collide with a 5 year loan contract worth 200cr with Bank of
 Baroda at an 
 interest rate of 8.75%to prepay part of the Rs 250cr debt government
 loan prior to 
 disinvestment.
 
 -Seamen's union of SCI decided to go on strike against government
 decision to
 disinvest SCI at a cost of 3.5cr.
 
 -Mitsui O.S.K, a japan based company withdrew its expression of
 interest(EoI) to 
 acquire a controlling stake in SCI.
 
 -IOC ended the monopoly of SCI as its crude freighter with the
 invitation of maiden 
 bids from pvt players for chartering ships for coastal movement of
 crude oil.
 
 -'V-Ships' bid to acquire government stake in SCI has been
 disqualified since the 
 company could not satisfy the stipulation of minimum networth of
 Rs.800cr.
 
 -SCI payed all its debt of Rs.255cr to government before its
 disinvestment.
 
 -SCI records 82% dip in the net profit.
 
 2003
 
 -Petroleum Ministry has refused to grant nodal agency status to the
 corporation 
  for transporting crude.
 
 -A.K. Mohapatra has been appointed as part time director to the
 board.
 
 -SCI declares interim dividend of 30% for the financial year 03.
 
 -Shipping Corporation of India advises its crew members to take
 precautions  
 against SARS.
 
 -Cabinet committee on disinvestment decided to invite fresh
 expression of interest(EoI) 
  for disinvestment of 51%.
 
 -SCI informs BSE the change in the management structure, appointment
 of Shri.M.Ramachandran as the part time director to the board.
 
 -SCI has inked agreement with Hyundai Heavy Industries Company Ltd of
 South Korea 
 for building 2 very large crude carriers (VLCC).
 
 - Mr Susheel Kumar has been appointed as a part time official
 director on the Board of the Company.
 
 -Decides to pick up stake in a marine joint venture to be floated by
 the Oil & Natural Gas Corporation (ONGC)
 
 -The divestment of Shipping Corporation of India (SCI) has been
 postponed indefinitely though the government continues to be firm on
 its divestment policies.
 
 2004
 
 - New ship named 'Desh Shanti' inducted into SCI fleet on June 9,
 2004.
 
 -Ministry supports SCI sale but wants govt to retain 75% stake
 
 2005
 
 -Shipping Corporation signs contracts Daewoo Shipbuilding, South
 Korea
 
 -Shipping Corp wins IOC crude transport bid
 
 -SCI to acquire Korean carriers for Rs 1000 cr
 
 
 2006
 
 - Shipping Corporation of India Ltd has informed that Shri N C
 Singhal, (Independent Director) has ceased to be the Director of the
 Company.
 
 - Shipping Corporation Of India Ltd. has informed that the M/s S.
 Bhandari & Company and M/s. Khandelwal Jain & Company have been
 appointed as statutory auditors of the Company for the year 2006-07
 by the Comptroller & Auditor General of India (C & A G).
 
 -Shipping Corporation signs MoU with ONGC
 
 -SCI to tie up with Shapoorji Pallonji
 
 -SCI join hands with global players for US service
 
 2007
 
 -Shipping Corporation of India Ltd has appointed Shri. Nasser Munjee
 as non-official part-time Director on the Board of the Company in its
 meeting held on August 13, 2007.
 
 -Shipping Corporation of India Ltd has appointed Shri. J N Dasas
 Director (Liner & Passenger Services) of the Shipping Corporation of
 India Ltd., by the Government of India, Ministry of Shipping, Road
 Transport & Highways, and has taken over charge w.e.f. December 24,
 2007.
 
 -Steel Authority of India Ltd (SAIL) has appointed Shri. B S Meena,
 Additional Secretary & Financial Adviser, Ministry of Steel as
 director on the Board of Directors of the Company.
 
 2008
  
 -The Company has issued Bonus Shares in the Ratio of 1:2.
 
 2009
 
 -SCI mulls three container ships acquisitions for 5 mn
 
 2010
 
 - Shipping Corporation - Delivery of 1 Medium Range Product Tanker
 Vessel - m.t. Swarna Mala of 51,196 DWT capacity.
 
 - Shipping Corp - Delivery of 1 LR-I size Product Tanker Vessel  -
 m.t. Swarna Ganga
 
 -ShippingCorp - Entering Ship Building Contract for 4 Kamsarmax Bulk
 Carriers of about 80000 DWT each, with M/s. Jiangsu Eastern Heavy
 Industries Co., Ltd. on September 25, 2010.
 
 - ShippingCorp - Delivery of 1 Aframax Tanker - m.t. Desh Mahima
 
 2011
 
 - The Shipping Corporation of India (SCI) has signed a contract with
 Grand Yard Investments Ltd. china
 
 - the Company has signed a shipbuilding contract for acquisition of a
 newbuilding cellular container of 3500 TEU capacity
 
 2012
 
 -  SCI has taken physical delivery of its Supramax Bulk Carrier -
 m.v. Vishva Vikas of 57127.8 DWT capacity.
 
 - The Shipping Corporation of India has taken physical delivery of
 its 2005 WT (2067 GT) Anchor Handling Towing-cum-Supply vessel of 120
 Ton Bollard Pull Capacity.
 
 -  The Shipping Corporation of India has taken physical delivery of
 its 1966 DWT (2039 GT) Anchor Handling Towing-cum-Supply vessel of 80
 Ton Bollard Pull Capacity - m.v SCI Mukta.
Source : Dion Global Solutions Limited
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