SCI plots $48m newbuild spend

Indian owner to use yard refund cash for offshore and LPG vessel orders.

Shipping Corporation of India (SCI) is planning to use shipyard refund cash to order a new series of vessels.

The state-controlled owner said it has received INR 3.3bn ($48.41) from cancelled deals for three boxships and a kamsarmax bulker due to delays.

It also renegotiated a contract for a VLCC newbuilding.

SCI said it now has permission to spend the money on "any number" of new ships.

These could include anchor-handlers, supply ships, rigs or LPG carriers, on a sole or joint-ownership basis.

Cash could also be used to settle debts.

The owner has tendered in recent weeks for a second-hand suezmax and VLGC.