ShippingCorp seeks shareholders nod to dispose of property

Domestic shipliner Shipping Corporation of India (SCI) has sought shareholders nod for disposal of property other than ships with Rs 1 crore or above book value.
The proposal pertains to disposal of property (other than ships) having an original book value of Rs 1 crore and above, the state-run PSU said inviting postal ballots by February 22.
"SCI has traditionally followed 'Shipyard to Scrapeyard' policy for its vessels...However, due to the changing dynamics of the market and level of competition experienced, a need is felt to evaluate the SCI fleet composition and have the flexibility of considering sale of vessels as a strategic decision," it said in a filing to the BSE.

It said SCI has been operating the vessels to their full economic life and at time even beyond economic life depending upon the market requirements and economic viability.
The company said its board of directors have appointed Upendra Shukla, practising Company Secretary as the scrutinizer for conducting the postal ballot process in a fair and transparent manner, the company said.
Starting out as a marginal Liner shipping Company with just 19 vessels, the SCI today is the largest Indian shipping Company.
It has a fleet of 69 vessels which include Bulk carriers, Crude oil tankers, Product tankers, Container vessels, Passenger-cum-Cargo vessels, Phosphoric Acid / Chemical carriers, LPG / Ammonia carriers and Offshore Supply Vessels.