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Shipping Corporation of India Ltd. Company History and Annual Growth Details

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 $200 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 $115 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 $400 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 $225 mn
 
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