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History of Shipping Corporation of India Ltd.

1961

- The Comp. was Incorporated at Mumbai. The Comp. was formed on 2nd October 1961 when by virtue of Shipping Corporation Amalgamation Order, 1961, the Undertaking of 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 Govt. of India in the Ministry of Transport and Communications.

- The Company objects is Corporation operates cargo passenger cum-cargo & tanker services.

1962

- The entire capital is held by 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 Comp. 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 & 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 Acc. of better availability of soyabean meal extraction from South American countries.

- The Indo-Czech trade was affected by splitting up of Czechoslovakia into Czech & Slovak Republic.

- The Comp. continues to operate the passenger & cargo services between mainland & Andaman - Nicobar islands.

- 1,31,811 passengers & 91,201 tonnes of general cargo & 18,383 CBM tubes logs were transported between mainland & the islands.

- The Comp. proposed for a joint venture with SCICI limited and Transport Corporation of India limited for starting Ro-Ro service along Indian Coast for carriage of trucks with general of bulk cargo.

- The Comp. placed orders for 4 crude tankers of 1,40,000 DWT size apart from securing 4 vessels [2 bulk carriers & 2 general cargo vesselss]. These are part of 8 vessels from a part of 79 vessels planned for acquisition by Company.

- The Comp. undertook to acquire two double hull tankers in replacements of existing old & aged single hull tanker.

- 68220 passengers & 10984 tonnes of cargo were transported between mainland & islands.

- The Comp. 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 Comp. 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 & 6574 CBM tanker logs. - The Comp. took delivery of three newly built double hulled crude oil tankers viz. m.t. Ankleshwar, mt. Gandhar, m.t. Maharaja Agarsen from Korea & 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 & Inter island shipping service, the company has three passenger cum cargo ships, two inter-island ferries & two cargo barger.

- 64530 passengers & 16,615 tonnes of cargo were carried.

- The socio political conditions in the Talaimannar not being conducive for recommencement of ferry between Talaimanna & Rameshwaram, `Ramanujan' was diverted to inter-islands services in Andaman and Nicobar sector. The Comp. has a fleet of 26 crude carriers including 2 VLCCS & 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 company. Earlier, 5,22,45,900 shares ie., 18.51% & with this disinvestment, Govt. holding in the Comp. 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 & one World Bank tanker viz. m.t. Netaji Subhash Bose was given on time charter.

1996

- The Comp. acquired one secondhand MR product tanker viz. m.t. Bharatidasan.

- Some of new innovations/improvements in its new acquisitions are as follows:

- [is] Installation of auxiliary engines capacable of burning heavy fuel oil leading to unifuel system for main & auxiliary engines

- [iis] Fitting of ships with Global Maritine Distress safety system equipment to augment the safety of personnel onboard ships.

- [iiis] 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.

- [ivs] 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 tanks.

- [vs] Placing of shipboard oil pollution emergency plan on ships for safety of 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 [SCIs] will soon enter into a joint venture with a Singapore firm with a view to capturing the South Eastern market. The joint venture Comp. which will be known as bulk transportation Comp. will be floated in Singapore with a total capital of 10 million Singapore dollars.

- Shipping Corporation of India limited has signed a MoU with the Union surface transport ministry for next financial year 1997-98.

- The Shipping Corporation of India [SCIs] has signed a contract with Hyundai Heavy Industries Co. of South Korea for 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 leading shipping company, Shipping Corporation of India [SCIs], has achieved yet another milestone.

- The Shipping Corporation of India [SCIs] has signed contracts with Hindustan Shipyard Ltd., Visakhapatnam for construction and delivery of two hanymax bulk carriers of 42,750 DWT each.

- The Shipping Corporation of India [SCIs] has entered into an agreement with South Korea-based Halla Engineering and 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 & Colombo & 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 and Heavy Industries during the last week of October this year for acquiring two 110,000 DWT [dead weight tonnages] Aframax crude oil tankers.

1998

- The Shipping Corporation of India [SCIs] may establish a subsidiary company to promote coastal shipping & also Inland water Transport [IWTs] activities as suggested by Union surface transport secretary Yogendra Narayan.

- The ministry of surface transport [MoSTs] has given an in principle consent to Rashtriya Chemicals & Fertilizers [RCFs] to float a 50:50 joint venture shipping Comp. with Shipping Corporation of India [SCIs].

- SCI has also set up the first Global Maritime Distress Safety System [GMDSSs] laboratory in the country.

- SCI intends entering into a joint venture with its foreign partner.

- SCI & OCC had signed a Memorandum of Understanding [MoUs] recently as a precursor to renew the contract for transportation of crude.

1999

- Shipping Corporation of India [SCIs] has signed an agreement for Enron LNG Transportation project. The agreement signed in the office of the surface transport ministry, was signed between Enron, Mitsui OSK Lines & the Shipping Corporation of India.

- The government has cleared the $200 million joint venture proposal between the Shipping Corporation of India & Enron Power Corporation and Mitsui Osk Lines for transporting Liquefied Natural Gas for the Dabhol Power Company.

- Indian Oil Corporation & Shipping Corporation of India limited to float a joint venture in equity collaboration with the Calcutta Port Trust for light tonnage activities.

- The country largest ever oil tanker & the very first double hull tanker will be handed over to the Shipping Corporation of India [SCIs] here on Wednesday.

- RCF & 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 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 Comp. has been awarded the star performer award for achieving the fatest transit time on the UK/North Continent-South Asia [JNP/Mumbais] Route for year 1999, sponsored by Lloyds of London Press & the Port of London Authority.

- The state-owned Shipping Corporation of India is considering a proposal by consultancy major PricewaterhouseCoopers [PwCs] to hive off its three divisions bulk carrier & tanker, passenger & liner, and technical & 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 limited 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 & K Line to bid for a tender floated by Petronet LNG for transportation of liquefied natural gas [LNGs].

- The Comp. will consider the restructuring of SCI by way of a three-way split as recommended by PricewaterhouseCoopers [Pwcs], 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 & 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 fleet & 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 year.

- SCIL & Japan-based Mitsui OSK Lines [Mitsuis] won the $400 million Petronet LNG contract to build & operate two LNG carriers. Encouraged by the success of mainline container services on the UK/Continent route, SCIL is planning to place higher capacity vessels on the route. The Comp. 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 equity & 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 Rs 250cr debt government loan prior to disinvestment.

-Seamen 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 Comp. withdrew its expression of interest[EoIs] 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 couldn't 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 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[EoIs] 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 Comp. Ltd of South Korea for building 2 very large crude carriers [VLCCs].

- Mr Susheel Kumar has been appointed as a part time official director on the Board of Company.

-Decides to pick up stake in a marine joint venture to be floated by Oil and Natural Gas Corporation [ONGCs]

-The divestment of Shipping Corporation of India [SCIs] 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.

2005

-Shipping Corporation signs contracts Daewoo Shipbuilding, South Korea

2006

- Shipping Corporation of India Ltd has informed that Shri N C Singhal, [Independent Directors] has ceased to be the Director of Company.

- Shipping Corporation Of India limited has informed that the M/s S. Bhandari and Comp. & M/s. Khandelwal Jain and Comp. have been appointed as statutory auditors of Comp. for year 2006-07 by Comptroller and Auditor General of India [C and A Gs].

2007

-Shipping Corporation of India Ltd has appointed Shri. Nasser Munjee as non-official part-time Director on the Board of Comp. in its meeting held on August 13, 2007.

-Shipping Corporation of India Ltd has appointed Shri. J N Dasas Director [Liner and Passenger Servicess] of Shipping Corporation of India Ltd., by Government of India, Ministry of Shipping, Road Transport and Highways, & has taken over charge w.e.f. December 24, 2007.

-Steel Authority of India Ltd [SAILs] has appointed Shri. B S Meena, Additional Secretary and Financial Adviser, Ministry of Steel as director on the Board of Directors of Company.

2008 -The Comp. has issued Bonus Shares in the Ratio of 1:2.