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Thursday, October 26, 2006

Shipping Corporation - Excellent Quarter

SCI Net Zooms 114% In Sep`06 Quarter

Shipping Corporation of India has posted a net profit after tax of Rs 3212.90 million for the quarter ended September 30, 2006 as compared with Rs 1499.50 million for the quarter ended September 30, 2005. This represents a growth of 114.26% in the current quarter. Total income has increased by 46.88% to Rs 10977.70 million for the quarter ended September 30, 2006, from Rs 7473.70 million for the quarter ended September 30, 2005.

Shipping Corporation of India (SCI) is planning to acquire 10 offshore support vessels in the next three years. In its first phase, SCI will acquire five anchor handling and towing cum supply (AHTS) vessels with 70 tonne bollard pull capacity. The estimated cost of these vessels is over Rs 2750 million. The company would acquire five more vessels in its second phase. At present, SCI owns 10 offshore support vessels and manages 21 such vessels for Oil and Natural Gas Corporation (ONGC). SCI is also bidding for ONGC`s new tender for providing services of 26 offshore supply vessels.

The company has drawn up a five-year fleet expansion programme, involving a capex of Rs 150 billion for acquisition of 70 ships. The company currently has a cash reserve of Rs 25 billion. However, for funding the fleet acquisition programme, it needs an equity funding of Rs 40 billion over the next five years. It denied any plans to approach the capital market to finance the acquisition programme.

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