Shipping Corp. of India

Shipping Corp. of India

The Shipping Corporation of India is the largest Indian shipping company, established in 1961 through the merger of Eastern Shipping Corporation and Western Shipping Corporation. The Mumbai-based, state-owned company provides break-bulk services, international container services, liquid/dry bulk services, offshore services, and passenger services. The company owns and operates around one-third of the Indian tonnage, and serves both national and international trades.

The company recorded revenue of $744.5 million for fiscal year 2013-14, up 1 percent year-over-year. The company also recorded a net loss of $46.4 million, up from the previous year’s net loss of $19.3 million.

SCI operates 3 container shipping service routes and owns 5 container vessels. The Indian Subcontinent Europe service covers Mundra, Nhava Sheva, Colombo, Salalah, Gioia Tauro, Felixstowe, Hamburg, and Antwerp. The Far Eastern Services link India’s West Coast to China, South Korea, Hong Kong, Singapore, and Malaysia. The Middle East India Liner Express Service connects India and the Indian Subcontinent with the West Asia Gulf region.

13 Aug 2015
Despite significant losses by its container carrying division, a buoyant tanker market coupled with cost-cutting measures to help Shipping Corporation of India post a whopping 230 percent profit increase in the April-June period from a year earlier to Rs. 163.54 crore (approximately $25.5 million).
21 May 2015
Shipping Corporation of India swung to $31.5 million net profit in fiscal year 2014-15, which ended March 31, from a $43.2 million loss in the previous year, driven by continued cost-cutting and improved freight earnings that helped compensate for a marginal decline in operating revenue.
13 Feb 2015
Shipping Corporation of India swung to a Rs. 31.3 crore (about $5 million) net profit in its fiscal third quarter, which ended Dec. 31, from a $10.6 million loss in the same period of 2013, driven by cost savings and higher freight rates that helped offset a marginal decline in revenue.
13 Nov 2014
A significant turnaround in the liner segment coupled with tight cost controls helped state-owned Shipping Corporation of India report a modest net profit of Rs. 18.59 crore (about $3 million) in its second fiscal quarter, reversing a $20.13 million loss a year earlier.
15 Sep 2014
State-owned Shipping Corporation of India has announced the launch of a fortnightly direct container service connecting major ports in the Indian subcontinent with Myanmar, starting this month.