Shipping Corporation of India set for newbuilding splurge

The Board of Shipping Corporation of India Ltd. (SCI) has approved $661.3 million of newbuilding purchases.

Within the next few days the company is expected to announce orders for four 318,000 dwt VLCC's and three 6,500 TEU.

According to Livemint, the online edition of Indian financial newspaper Mint, the tankers will be built at Chinese shipbuilder Jiangsu Rongsheng Heavy Industries for $104.95 million each while the containerships,each costing $80.5 million, will be built at South Korea's STX Shipbuilding Co. Ltd.