Shipping Corp of India (SCI) is earmarking INR 9bn ($134m) to buy vessels this year.
Outgoing managing director BB Sinha told the PTI news agency that it wants to take advantage of low ship prices in the slump.
"Demand situation is pathetic and so it is the right time to buy assets,” he said.
“We have a capex plan of INR 9bn for 2016-17.
