MUMBAI, Nov 4: The Shipping Corporation of India (SCI) has entered into an agreement with the South-Korea based Halla Engineering & Heavy Industries for the acquisition of two new Aframax crude oil tankers. The tankers of 110,000 DWT (dead weight tonnage) each are being acquired at a cost of over $84 million (Rs 302 crore).

According to a press communique issued by the company, the tankers are expected to be delivered during the second half of 1998. The agreement was signed last week.

The current acquisition is a part of SCI's ambitious tonnage acquisition programme during the Ninth Plan which envisages acquisition of 44 vessels of various types and sizes involving a total investment of around Rs 4,500 crore.

The Aframax tankers would be built in conformity with the latest international rules & regulations and requirements of Classification Societies and will conform to the most modern and exacting specifications, the communique said.

The induction of the tankers would further reduce the age of the company's fleet which is in consonance with SCI's commitment of having a younger and modernised fleet by the turn of the century, the communique added.

The company presently has a fleet of 117 vessels aggregating to 5.01 million DWT. The fleet includes general cargo vessels, cellular container vessels, crude oil tankers, product tankers, LPG/ammonia carriers, passenger vessels and offshore supply vessels.

Meanwhile, SCI is also in the process of entering into an agreement with National Stock Depository Ltd (NSDL) for dematerialisation of its shares. NSDL has been floated by National Stock Exchange (NSE), Industrial Developemnt Bank of India and Unit Trust of India(UTI) for paperless trading to avoid forgery, theft and to facilitate quick trading by the investors.

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