Shipping Corp. of India Posts $20.4 Million Loss

Shipping Corp. of India Posts $20.4 Million Loss

State-owned Shipping Corp. of India reported a net loss of $20.4 million in fiscal year 2012-13, improving from a net loss of $76.4 million in the previous fiscal year.

The national ocean carrier’s total income in 2012-13, which ended March 31, 2013, was $778.4 million, up from $769 million in 2011-12.

The company said its container shipping operating loss significantly narrowed to $5.63 million from $55.63 million a year earlier. “Recent rate restoration initiatives on major trade lanes helped improve results in the container shipping segment,” a senior official said.

SCI’s core bulk shipping business slipped back into the red with a $65.64 million operating loss, compared with a $12.12 million operating profit in 2011-12. Operating income from the bulk division fell to $500 million from $518 million.

Operating expenses for the full fiscal year were estimated at $839.3 million, up from $769 million in 2011-12.

The carrier’s fourth quarter net loss widened to $50.24 million from $13.43 million a year earlier. Quarterly income declined 5.5 percent to $174 million from $184.15 million.

SCI, India’s largest shipping line, currently operates a fleet of 79 vessels with a total cargo-carrying capacity of about 5.9 million deadweight tons.