Shipping Corp in tie up with MSC for Europe service

Shipping Corporation of India (SCI) has entered into an agreement with Geneva-based Mediterranean Shipping Company (MSC) to run its European service.

The Indian company signed the agreement after four of its partners in the European service withdrew because of fall in trade.

"We are continuing our European service with Mediterranean Shipping Company after our old partners withdrew," SCI Director J N Das told PTI.

ZIM Israel, Yang-Ming Lines of Taiwan, MISC of Malaysia and K-Line of Japan are the SCI partners who withdrew.

SCI has deployed four vessels while MSC has deployed three vessels for the European service. The rotational service begins from Jawaharlal Nehru Port and goes to Mundra, Salalah, Barcelona, Hamburg, Rotterdam, Jeddah and Colombo.

A round trip from Jawaharlal Nehru Port takes 49 days.

According to estimates in 2008-09, container growth was 3.5 per cent against 10 per cent in 2007-08.

Trade rate to Europe has fallen from $1,400 six months ago to $250 now per container. For Dubai, the rate has crashed from $500 per container to $50.

The agreement was signed on May 17.