Job Search
 
 
  CV Search
 
 
  News
Jumping on the VLGC gravy train
  
South Korean Deliveries: What`s In The Mix
  
Cruise ship suffers second Norovirus outbreak in just over six months as 172 people fall ill during month-long trip
  
Shipping traffic increases 300% in just 20 years as pollution levels soar
  
Cargo insurance vital as maritime losses grow
  
 
 

Maritime News

Shipping Corporation of India Swings to $28 Million Loss

State-owned Shipping Corporation of India swung to a $28.12 million loss in the fiscal second quarter ending Sept. 30, from a $50.13 million profit a year earlier, as higher fuel costs and less ship demolition business pulled down earnings.

SCI’s revenue increased 1.5 percent in the July-September quarter from the same period last fiscal year to $207.5 million.
“The major contributors to the second-quarter loss were much higher bunker costs, at $74 million from $33 million a year earlier, and a substantial reduction in income from disposal of ships, at $4 million from $25.6 million,” the company said.
Despite a marginal increase in revenue, the national carrier’s liner division reported a loss of about $300,000 in the three-month period, compared with a $7.4 million operating profit in the same period last fiscal year.
SCI’s core bulk shipping business slumped to an $8.7 million loss from a $33.5 million operating profit a year earlier. Operating income from bulk operations dropped to $128 million from $134.6 million.
SCI's operating expenses for the second quarter totaled $213 million, up 37 percent from $156 million a year earlier.
From April through September, the first six months of fiscal 2011-12, the carrier lost $29.3 million compared with a $90 million profit a year earlier. Revenue for the first half grew 2 percent year-over-year to $403 million.
The second consecutive quarterly losses come as the company tries to raise funds for 26 vessels of 1 million deadweight tons on order with deliveries scheduled between 2012 and 2014.
SCI, India’s largest ocean carrier, currently has a fleet of 81 vessels with a total cargo-carrying capacity of about 5.82 million dwt. For fiscal 2010-11 ended March 31, the company reported net profit of $126 million, up 50 percent from $84 million the previous year.

 
Date: November 16, 2011                                                           Source: Journal of Commerce

 

 Featured Company
SHRI MAHAVIR MARINE SERVICES PVT. LTD,India Tristarr Maritime And Shipping Private Limited,India Shan Ship Management,India
Glance One Ship Management Pvt Ltd.,India Bridgeview Maritime Pvt.Ltd,India Pontus Ship Management,India
Ind-Aust Maritime Pvt. Ltd,India Thinkship Marine Solutions ,India

Copyrights © 2012 seajobhunt.com
Terms and Conditions  -   Sitemap  -   Private Policy  -   FAQ  -   Contact Us
Site By : Pheunix