SCI.NSE

Shipping Corporation of India Ltd.

Shipping Corporation of India has tapped a domestic shipbuilder to build the country's first methanol-fuelled supply ship.

India is considering shelving three planned privatisation sales amid weak investor appetite, two government sources said, a slump that has already derailed its attempt to sell a stake in IDBI Bank and is a fresh blow to the government’s flagship divestment programme. The privatisation plan, delayed for years, is now facing fresh setbacks that include dwindling interest in state-run firms such as Shipping Corporation of India and HLL Lifecare, besides the collapse of the IDBI Bank stake sale last week after bids fell short of the government’s minimum price. India’s finance, shipping and health ministries and the companies did not respond to Reuters ’ queries. Indian Prime Minister Narendra Modi’s ambitious privatisation plan was aimed at having the state exit most sectors while remaining only in sensitive ones such as telecom and banking. But the government could only sell Air India to Tata Sons, and indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel, and Ferro Scrap Nigam to Konoike Transport Co.

In good news, another vessel carrying LPG arrived in India, crossing the key Strait of Hormuz, on Tuesday evening. Tanker Nanda Devi has reached Vadinar Port in Gujarat, becoming the second vessel to cross the conflict zone in two days. On Monday, LPG tanker Shivalik reached Mundra Port. While Nanda Devi carries over 47,000 metric tons of LPG, Shivalik carries 46,000 metric tons of LPG. Together, the two vessels have arrived carrying almost 90,000 metric tons of LPG, which could provide significant relief amid the crisis. As for Shivalik, the vessel is at Mundra port, where advance paperwork and prioritised cargo unloading arrangements are being carried out. Rajesh Kumar Sinha, special secretary in the Shipping Ministry, had earlier stated that the Shivalik and Nanda Devi could arrive in India on March 16 and 17. It is expected that 24,000 metric tons will be sent to Tamil Nadu. Earlier, the Chief Officer of the Nanda Devi vessel said that the initiative was taken by the Ministry of Ports, Shipping and Waterways and the Shipping Corporation of India, with the Indian and Iranian navies providing the necessary assistance to cross the Strait of Hormuz. "I would like to thank everyone who was involved in this operation of crossing the Strait of Hormuz.

The Indian-flagged Shivalik LPG Carrier docked at Mundra Port after safely navigating the Strait of Hormuz with about 45,000 tonnes of LPG from Qatar. Operated by Shipping Corporation of India, the shipment is expected to support domestic fuel supplies. Another LPG carrier, Nanda Devi, is set to reach Kandla with additional cargo.